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Geared2Beer, a craft beer brand, identifies a market segment that is willing to pay premium prices for its craft beer, and Geared2Beer managers select an ideal selling price. Managers then determine the
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Geared2Beer, a craft beer brand, identifies a market segment that is willing to pay premium prices for its craft beer, and Geared2Beer managers select an ideal selling price. Managers then determine the costs to create craft beer that meets the ideal selling price. The company's pricing approach is referred to as ________.

User David Salzer
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Answer:

target costing.

Step-by-step explanation:

Based on the information provided within the question it can be said that the company's pricing approach is referred to as target costing. This term refers to an approach that is used in order to determine the product's life-cycle cost that will be spent in order to make sure the product meets it's standards in order to achieve the desired profit. Which is what is being done in this scenario in order to meet the ideal selling price.

User Kareef
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