Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

The Southwest regional manager is having trouble preparing a bid for a lucrative government contract to supply blenders to the military dining facilities in Fort Hood, Texas. Specifically, he has asked for your assistance as he determines his approach to pricing.

Complete the following:

• Define and describe cost-based pricing.
• Define and describe market-based pricing.

In addition, the government contract officer mentioned the requirement to present a fair and reasonable price to be considered for the contract. Identify the guideline or regulation that governs acquisition and contracting, and describe the concept of fair and reasonable price in government contracts.