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Demand-oriented, cost-oriented, profit-oriented, and competition-oriented are four approaches used to set ______.

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Tundexiidn

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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