what is backward pricing?

[Rajakumarimani]

Demand backward pricing a method of  pricing in which prices are set by determine what consumers are willing to pay then costs are deducted to see if the profit margin is adequate.

[Shalini.s]

The method of pricing in which prices are set by determining what consumers are willing to pay; then, costs are deducted to see if the profit margin is adequate.

[Pradeepa]

Backward pricing is not only used to set a product’s initial price but also determines whether productions is viable.  This method begins by first using research to determine what customers are willing to pay to assess production viability.

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