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The pricing strategy of a business' competition can significantly impact its own pricing. If competitors offer similar products or services at a lower price, a business may need to adjust its prices to remain competitive. Conversely, if a business offers unique value that competitors can't match, it may be able to charge higher prices. It's crucial for a business to conduct a thorough market pricing analysis, which includes understanding competitors' pricing strategies, to make informed pricing decisions.
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Take the most advantageous pricing approach to increase profitability of your organization. Use our Pricing Strategies presentation to outline factors...
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With this slide, communicate your company's pricing policy. To create an effective policy, determine your goals, run a market pricing analysis and conduct thorough target audience analysis. With this slide, list all price determinant factors. Include production costs, demand for product, prices of the business' competition, customers' purchasing power, legal and government regulations, objective and marketing strategy. Use this slide to protect your initiative from failure and educate your team about the most common pricing mistakes, which are: trying to be the lowest price provider, mixing your pricing message and underestimating real costs.
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