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Competitive pricing analysis contributes to a firm's profitability by helping it understand the pricing strategies of its competitors. This knowledge allows the firm to price its products or services competitively, either matching or undercutting competitors' prices, or justifying a higher price with superior value. This can lead to increased market share, sales volume, and ultimately, profitability. It also helps the firm to position itself strategically against the five competitive forces: ease of entry, threat of substitution, bargaining power of buyers, bargaining power of suppliers, and rivalry among competitors.
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In his book , Michael Porter wrote that the competition in an industry and the ultimate profitability of a firm depend on five fundamental competitive forces: ease of entry, threat of substitution, bargaining power of buyers, bargaining power of suppliers, and rivalry among competitors. Competitive strategy aims to create a defensible position for the firm against these five competitive forces with offensive or defensive tactics.
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Do you feel trapped to outdo competitors? Better strategies can build a stronger defense against competition and generate higher ROI on your strategic...
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