I recall talking to a friend of a friend in the USA some 25 years ago. His job was to price spare parts for cars (I cannot recall which but a main Detroit company), he said:
"I am given the item, say an oil filter, and told how much it cost to produce and how many a year we produce. I look at the same product that our competitors are selling. I look at historical data and how many cars we are producing this year. My final price also considers what the market will consider reasonable - so that they will buy our original and not a third party."
Pretty much the same decision train.