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The prices of a business' competition can greatly affect its own pricing strategy. If the competition is offering similar products or services at a lower price, the business may need to adjust its prices to remain competitive. This could involve reducing prices, offering more value for the same price, or justifying a higher price with superior quality or service. Conversely, if the competition is charging more, the business has an opportunity to capture market share by undercutting their prices, or it can match their high prices to maximize profit, assuming the demand is inelastic.
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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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Take the most advantageous pricing approach to increase profitability of your organization. Use our Pricing Strategies presentation to outline factors...
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