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.
Need to evaluate the best pricing strategy for a product? This Pricing Strategy spreadsheet includes...
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