Question
A competitor perceptual map works by visually displaying the perception of customers about different products or brands. In the context of competition-based pricing, it helps to compare the price and perceived quality of different products. Each product is placed on the map, with the bubble size indicating each competitor's market share. This allows for a clear comparison and understanding of where a product stands in relation to its competitors.
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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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