Question
A company can use SWOT Analysis to improve its competitive pricing strategy by identifying its strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors that can influence pricing. For example, a strong brand or unique product features (strengths) may allow for higher pricing, while high production costs (a weakness) may necessitate lower pricing. Opportunities and threats are external factors. An opportunity could be a gap in the market for a premium product, allowing for higher pricing. A threat could be a new competitor with lower prices, which may require a company to reconsider its pricing strategy. By understanding these factors, a company can make informed decisions about its pricing strategy to gain a competitive advantage.
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Once you've analyzed your competitive landscape, it's time to assess yourself. SWOT Analysis is a common framework used by execs to determine their company's strengths, weaknesses, opportunities and threats. Strength and weaknesses are internal, company oriented, while opportunities and threats are more external, macro-oriented. (Slide 10)
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