“based upon the market.”
I never used that. I always used my cost plus a low margin no matter what the overall market did. I undercut the market substantially. Because of this my customers stayed loyal while competitors went out of business around me.
Helped me survive through Carter, Clinton, Obama, and now Biden so far. :)
I also used cost-plus to price my plant material, and drew people from 7 states to my 20ac site in PA, with unique regional advertising — due to my marketing/advertising/public relations background in NYC for many years.