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Competition can significantly impact pricing strategies. In a highly competitive market, businesses often need to lower their prices to attract customers. This can lead to a price war, where competitors continually undercut each other's prices. On the other hand, in a market with little competition, a business can set higher prices. However, they must ensure that the price reflects the value of the product or service to the customer.
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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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To begin, first enter the name of the cell phone under the Price Analysis section of the Field tab, along with an initial price point to analyze. Then enter the total fixed cost for the business, which is the total amount of money a business must pay to keep their operations running regardless of how many products they make or sell.
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