Final answer:
The authority to approve a price less than the list price but above the target price typically lies with the management or decision-makers within a business.
Step-by-step explanation:
The authority to approve a price less than the list price but above the target price typically lies with the management or decision-makers within a business. These individuals have the power to negotiate and make adjustments to the pricing strategy based on various factors such as competition, market demand, and cost considerations.
For example, if a company sets a list price for a product at $100, but the target price they aim to achieve is $80, the decision-makers may have the authority to approve a price of $90. This allows the company to offer a discount to customers without undercutting their desired target price.
Ultimately, the specific individuals who have the authority to approve a price less than the list price but above the target price will depend on the organizational structure and decision-making processes within the business.