Explain briefly any four factors discussed in the given case related to the concept so identified.

Four factors affecting price determination are:
(i) Production cost: The price should recover all costs viz. fixed costs, variable costs and semi variable costs apart from obviously including a fair return for undertaking the marketing effort and risk
(ii) Utility and demand: While determining the price of any product, the utility provided by it and the intensity of demand should not be ignored. If buyer is athat the given product meets his/her requirement, he would also be ready to pay the cost and reasonable margin to the producer
(iii) Extent of competition in the market: In case of monopoly, a firm can enjoy complete freedom in fixing prices. However if it is facing competition, it should consider the prices charged by the competitors also
(iv) Marketing methods used: Pricing of products also gets affects by the elements of marketing such as amount spent on advertisement, type of packaging, discounting policies, credit or finance facilities, etc.