Being a price setter or price taker

Briefly discuss what is meant to be a price setter or price taker, the strategies employed in both approaches, and a clear listing of the pros and cons associated with each price setting strategy. After weighing the pros and cons of each, which approach do you feel best meets the needs of the key stakeholders? You will be expected to respond to the initial posting of at least one peer. In this response, you should share what you liked about the posting and why, and then what you believe could strengthen your peer's recommendation.