Profit-oriented pricing is set by companies after determining the production of total costs per unit of the goods offered. After that, the profit is established typically as a percentage of the costs incurred. The problem with this method of costing is that the sum of the costs and the profit margin can result in a price that is higher than the average for the product.
Even worse, competitors may take advantage of that scenario to lower their prices to drag more consumers away from the profit-oriented pricing entity.
Ethnocentrism is the belief that indigenous culture, customs, and way of life are more important than other cultures. Ethnographers believe that their own culture, country, language and all other characteristics are superior to other cultures.
