Executives can use value-based pricing to understand the broader market landscape by assessing the value and cost of their products in comparison to their competitors. This strategy allows them to position their products based on their perceived place in the market. By evaluating the quality and price of their products against those of their competitors, executives can gain insights into market trends, customer preferences, and potential competitive edges. This can guide them in making strategic decisions about product pricing to maximize their profit margin.
Need to improve your product pricing to maximize your profit margin? This Pricing Strategies Toolbox...
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