The 4 approaches to set approximate price level includes Demand-oriented, cost-oriented, profit-oriented, and competition-oriented.
In marketing, the determination of the price of a product or services can take different approach which includes:
- Demand-oriented: This method attempts to set price at level that intended buyers are willing to pay.
- Cost-oriented: This method of pricing attempts to set price at the level that will cover the total cost incurred for producing the product.
- Profit-oriented: This method of pricing attempts to set price at the level that guarantees the company's profitability
- Competition-oriented: This method of pricing attempts to set price while considering competition of other company
Therefore, the four approaches are used to set approximate price level.
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