Setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors is referred to as

A) cost-plus pricing.
B) customary pricing.
C) standard markup pricing.
D) loss-leader pricing.
E) target profit pricing.

Customary Pricing

Setting prices based on what is traditionally expected or accepted within the market or among competitors.

Cost-plus Pricing

An approach to pricing in which a sale price is established by adding a specific extra amount to the product's per-unit cost.

Target Profit Pricing

Setting a product price based on a predetermined profit objective, rather than market or competitive conditions.