Cost-oriented approaches to pricing consider which three things in the setting of a product's price?

Question

Multiple select question.

production costs

market share

overhead

profit

product quality

consumer preferences

Answer 1

In cost-oriented approaches to pricing, the following three factors are typically considered:

1. Production costs - This includes all costs associated with the manufacturing of the product.
2. Overhead - These are indirect costs related to the business operations that support the production of the product.
3. Profit - Businesses consider the desired profit margin they want to achieve above the costs incurred.

The other options, such as market share, product quality, and consumer preferences, are generally more related to market-oriented pricing strategies rather than cost-oriented approaches.