ENTREPRENEURSHIP

Detailed explanation-1: -Cost-based pricing involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risk.

Detailed explanation-2: -Cost-plus pricing is a common method of cost-based pricing and uses the total cost of goods sold (COGS) as the primary basis of pricing goods and services. Companies calculate and use a fixed percentage that represents the expected return on producing and then selling goods.

Detailed explanation-3: -Answer and Explanation: Competition-based pricing is the setting prices based on competitor’s strategies, prices, costs, and market offerings.

Detailed explanation-4: -Cost-based pricing is the practice of setting prices based on the cost of the goods or services being sold. A profit percentage or fixed profit figure is added to the cost of an item, which results in the price at which it will be sold.