Analysis
Competitive pricing analysis is an evaluation of the consumer’s reaction to new prices by means of research based on historical data or polls. The process of analyzing the pricing strategies of your competitors, in order to know about their pricing strategies and positioning.
Competitive pricing is typically used by businesses that sell the same or highly similar products in the same market for an extended period.
A competitor analysis is important because: It will help you recognize how you can enhance your own business strategy.
A competitive pricing strategy helps you to prevent losing market share and customers to the competitors as it lets the business control the competition.
➢ Trace the demand of your store products.
➢ Become aware about the state of competitors.
➢ Judge your existing state and take the right decision.
➢ Leads the way to success in a competitive business world.
Benefit of Competitor Price Analysis
➢ Avoid lost profits
➢ Grow your market share
➢ Track your market position
➢ Exploit your competitors’ pricing
➢ Improve your own pricing position.
Features:
A competitive analysis should examine your competitors’ features, market share, pricing, marketing, differentiators, strengths, weaknesses, geography, culture and customer reviews.