Question

The key to setting a price for a product is finding an approximate price level to use as a reasonable starting point. Four common approaches to selecting an approximate price level are: (1) demand-oriented; (2) cost-oriented; (3) __________; and (4) competition-oriented approaches.

Answer 1

Answer:

Profit oriented

Explanation:

Price level is the approach which is referred to as the purchasing power of money. This is analyzed by the basket of goods approach, in which the consumer grounded goods and services are examined in total.

There are 4 usual approaches for finding the approximate price level for the service or product, and that are competition-oriented pricing., cost oriented, demand oriented and profit oriented.