In Chapter 14, four approaches were presented to establish an approximate price Level. They include demand-oriented, cost-oriented, profit-oriented, and competition-oriented approaches.
For this discussion board, you must complete the following steps:
1. Choose two (2) approaches (e.g. Demand-, and Cost-oriented approaches)
2. Choose one method for each approach (e.g. I chose odd-even pricing for Demand-oriented approach and standard markup cost method for Cost-Oriented approach)
3. Use examples to illustrate these two methods that you’ve chosen to do.
In my case, for Odd-even pricing, my example is a nice sit-down restaurant that uses even pricing for their menu to show the high-end image of its restaurant, whereas price-oriented stores typically adopt odd-pricing, such as Walmart. Note all whole number pricing on the menu.