The common approaches to setting an approximate price level for a product include:
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Competition-oriented: This approach involves setting prices based on what competitors are charging for similar products.
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Demand-oriented: This method bases prices on consumer demand and the perceived value of the product to the buyer.
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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