Competitive Pricing

Competitive pricing refers to the strategy of setting prices for products or services that are comparable or lower than those offered by competitors in the market. This approach aims to attract customers by offering them better value for their money and gaining a competitive advantage. By analyzing market trends, costs, and competitor pricing strategies, businesses can determine the optimal price point that allows them to remain profitable while also appealing to customers. Competitive pricing is a crucial aspect of marketing and sales, as it directly impacts a company’s ability to attract and retain customers in a highly competitive marketplace.