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The key to setting a final 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) profit-oriented, and (4) __________ approaches.
Subjective Benefit
The personal value or advantage gained by an individual from a product or service, which varies from person to person.
Course of Action
A plan or strategy intended to accomplish a specific goal or resolve a problem.
Opportunity Cost
The act of abandoning potential benefits available in other choices upon selecting a specific alternative.
Room and Board
Refers to the combined cost of housing and food for students at a university or boarding school.
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