A pricing strategy can help in gaining market share by making a product or service more attractive to consumers compared to the competition. This can be achieved through various methods such as competitive pricing, where the price is set based on what competitors are charging, or value-based pricing, where the price is set based on the perceived value of the product or service to the customer. By strategically setting the price, a company can attract more customers, increase sales, and ultimately gain a larger share of the market.
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Need to evaluate the best pricing strategy for a product? This Pricing Strategy spreadsheet includes the top pricing tools to evaluate cost, feature,...
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The first pricing strategy to assess is competition-based pricing. On the Competitor comparison tab, we can check our phone's price against the competition with two competitive landscapes: a Competitor perceptual map and a Kotler's matrix. Fill out the competiton's price-point below, along with their perceived product quality and price level and estimate for annual units sold. Each product is now placed on the perceptual map, where bubble size indicates each competitor's market share, and Kotler's matrix, which defines each competitor's pricing strategy.
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