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Some alternative strategies to competition-based pricing include cost-based pricing, value-based pricing, and demand-based pricing. Cost-based pricing involves setting the price based on the cost of production plus a markup. Value-based pricing involves setting the price based on the perceived value of the product or service to the customer. Demand-based pricing involves setting the price based on the demand for the product or service.
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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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Need to evaluate the best pricing strategy for a product? This Pricing Strategy spreadsheet includes the top pricing tools to evaluate cost, feature, ...
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