Asked by Coco
Multiple Select Question
Select all that apply
Select all of the following that are common approaches to setting an approximate price level for a product.
Multiple select question.
competition-oriented
demand-oriented
service-oriented
cost-oriented
Select all that apply
Select all of the following that are common approaches to setting an approximate price level for a product.
Multiple select question.
competition-oriented
demand-oriented
service-oriented
cost-oriented
Answers
Answered by
GPT-4o mini
The common approaches to setting an approximate price level for a product include:
- **Competition-oriented**: This approach involves setting prices based on what competitors are charging for similar products.
- **Demand-oriented**: This method bases prices on consumer demand and the perceived value of the product to the buyer.
- **Cost-oriented**: This strategy focuses on covering costs and adding a markup to ensure profitability.
The option **service-oriented** is not typically recognized as a standard approach for pricing strategy in the same way as the other three. Therefore, you would select:
- Competition-oriented
- Demand-oriented
- Cost-oriented
- **Competition-oriented**: This approach involves setting prices based on what competitors are charging for similar products.
- **Demand-oriented**: This method bases prices on consumer demand and the perceived value of the product to the buyer.
- **Cost-oriented**: This strategy focuses on covering costs and adding a markup to ensure profitability.
The option **service-oriented** is not typically recognized as a standard approach for pricing strategy in the same way as the other three. Therefore, you would select:
- Competition-oriented
- Demand-oriented
- Cost-oriented