How can we adjust our pricing strategy based on the competition's price-point?

You can adjust your pricing strategy based on the competition's price-point by first assessing your competition-based pricing. Use tools like a Competitor perceptual map and a Kotler's matrix to compare your product's price against your competitors. Fill out the competition's price-point, their perceived product quality, price level, and estimate for annual units sold. This will place each product on the perceptual map and Kotler's matrix, which will help define each competitor's pricing strategy and allow you to adjust yours accordingly.

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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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Pricing Strategies

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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