The Key to Setting a Price for a Product Is

question 155

Multiple Choice

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.

• A)stakeholder-oriented
• B)revenue-oriented
• C)profit-oriented
• D)distribution-oriented
• E)cause-oriented

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Definitions:

Optimal Distinctiveness Theory

A theory suggesting individuals strive to balance their need for inclusion within groups with their need to feel uniquely recognized as individuals.

Individuality

The unique set of characteristics, traits, and behaviors that distinguishes one person from another.

Connectedness

The state or condition of being related, linked, or associated with others, contributing to a sense of belonging and community.

Idiocentric Person

Refers to individuals who are primarily focused on their own interests, goals, and needs rather than those of the group they belong to.