Competitive Pricing Strategy – How to Price Products?
An efficient pricing strategy is crucial to assist a business in maintaining competitive pricing in such a way that it can set and provide prices corresponding to the competition. Any business can choose from different pricing strategies depending on different factors. You can set prices to stop competitors entering the market, or rise its market share, or stay steady in the market. Any business can set pricing for maximizing profitability on every unit sold or complete market share. Pricing is among the most vital components when making marketing strategies. Pricing is among the initial things a consumer observes about products and is among the decisive factors when deciding whether to purchase them. With eCommerce sales increase and frictionless comparison of shopping digital e-commerce, competition in the market has become much more destructive and real-time . A business needs to observe its competitor’s price strategy when setting prices and get much required compe...