Profit, Competition, Cost and Demand are the element which the approaches for pricing fixing are oriented around.
Pricing refers to the process of determining the value that a producer will receive in the exchange of services and goods produced with final consumers or middle men.
- The aim of generating profit is one of the element considered for price fixing.
- Competition levels with other companies in the industry will influence price fixing because consumers pocket have to be considered.
- Level of Cost incurred during production of the goods and services also play a great role in price fixing.
- Demand from the market also influence price setting on a product.
Read more on this here
brainly.com/question/15398134
