The Key to Setting a Final Price for a Product

question 338

Multiple Choice

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.

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

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Definitions:

Prospect's Needs

The specific requirements or desires of potential customers that a business aims to fulfill.

Problem-Solution Method

A strategy that identifies a problem and then proposes a solution, often used in sales, marketing, and product development.

Buyer

Describes an individual or entity that purchases goods or services.

Negotiator

A person skilled in discussing and arranging terms and agreements between parties with differing objectives.