Explain how one of the following factors is used to determine the approach to pricing for any offering

Item for this essay: Gourmet truffles with fruit, herbs, and flower extract infusions.

Promotion
Marketing Communication Channels: Describe two marketing communication channels for your chosen product. Briefly describe each and explain why they are appropriate based on your persona.
Price
Approach to Pricing: Explain how one of the following factors is used to determine the approach to pricing for any offering.
Company profitability
Competitor pricing
Target market price sensitivity
Pricing Strategy: Select which one of the four basic pricing strategies (skimming, premium, economy, or penetration) you feel is most appropriate for your chosen product and persona. Describe the general advantages and drawbacks of that pricing strategy.