How Does Competition Impact Your Pricing Strategy?

If getting the right price level in place isn’t hard enough, one thing often lost in the discussion is the impact of the competition.  Whilst this makes sense – after all very few organisations have a monopoly – there is a fine line between paranoia and ambivalence when it comes to considering competitive forces in pricing decisions.

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How to Choose and Execute the Right Pricing Strategy

Deciding on the optimal pricing strategy for your business can be challenging. Not only do you have to keep your cost and your customers’ purchasing power in mind, but also consider what your competitors are doing. At the end of the day, your competitors are offering the same or similar products and targeting the same customers. If you don’t price your products perfectly, you can lose ground at the first step and as a result, will find it difficult to compete, let alone thrive.

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