George and Alice Renfro decided to start a family business in 1990 to produce chowchow, a Southern regional food. To determine how they would price the chowchow, the Renfros had to examine (1) the demand for the product (e. g., would people eat store-bought?); (2) the costs of the jars for and bottling of the chowchow; and (3) the cost to distribute the product to area grocery stores. The Renfros are doing which step of the price-setting process?
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