Paragraph Which of the following statements about the target price is incorrect? It is used to determine a product's target cost. It is determined after the company sets its desired profit amount. It is the price the company believes would place it in the optimal position for its target audience. It is determined after the company has identified its market and does market research. * Your answer is incorrect Market-based prices are least likely to be influenced by o the degree of product differentiation in the industry the level of competition in the industry In the product is a commodity o the cost to marufacture the product or service 1 Market-based pricing is influenced by all of the following except O product differentiation. O government regulation. O internal transfer prices. O demand for the product. * Your answer is incorrect The cost-plus pricing approach's major advantage is it can be used to determine a product's target cost. it considers customer demand that sales volume has no effect on per unit costs O it is simple to calculate