Question 11 (1 point) What are the three possible starting points for the process of setting an initial price? The item's cost, customer needs, and gross margin The item's cost, competitors' prices, and customer needs. The item's cost, competitor's prices, and gross margin The item's cost, gross margin, and product features. Question 12 (1 point) All of the following are methods of cost-based pricing EXCEPT: Cost-plus pricing Markup pricing Gross margin pricing Parity pricing All of the above are methods of cost-based pricing. Question 13 (1 point) All of the following statements about competition-based pricing are true EXCEPT: It is intuitive. It is relatively easy to carry out. Not useful in efforts to maximize total profits It lacks price-setting rationales if all competitors are using this method. All of the above statements about competition-based pricing are true