Final answer:
Pricing strategies typically revolve around cost, value, and competition. Cost-based pricing includes cost calculations and a markup for profit, while value-based pricing focuses on the perceived value by customers. Competition-based pricing considers competitor prices for market positioning.
Step-by-step explanation:
Pricing strategies are often based on various factors including cost, value, and competition. Cost-based pricing involves calculating the total costs incurred in producing a product or service and adding a markup to achieve profit. Value-based pricing is determined by the perceived value of a product or service to the customer rather than the seller's cost. Lastly, competition-based pricing takes into account the prices of competitors' products or services when setting prices, aiming to position a product or service advantageously in the market. Other factors like inventory, warehousing locations, or seniority may influence operational or marketing strategies but are not typically direct bases for pricing.