If you are an entrepreneur or doing business for your organization, I am sure you will be quite familiar with ‘Competitive Pricing’.
Before we start discussing on the above headline, let me tell you something about ‘Competitive Pricing’.
These 2 words mainly specifies how a price of a product can be set, taking into consideration how the competition is charging. When the price of a product reaches a level where it becomes equal to its substitutes, then the question of competitive pricing arises.
Factors which affect Competitive Pricing are as follows:
The Product Factor:
Competitive Pricing depends on different styles of product, which includes:
Lasting distinctiveness: Products with lasting distinctiveness are ones that will always stand out from the crowd, such as medicines which are governed by patent laws.
Perishable distinctiveness: Products with perishable distinctiveness are unique in the beginning, but fall to medium distinctiveness after a period of time, this include popular technology products.
Low cross elasticity: Low cross elasticity specifies that the competitive pricing depends on the demand of the product in the market and it will vary if the demand rises or falls.
The Price Factor:
This Price factor will always help you distinguish your product with that of your competitors.
To decide whether you fit on the current price range, or if you should choose something outside of it, compare your product to those of your competitors.
The Economic Trend:
As we all know economy plays a very important role in shaping the price of a product.
It’s the economy which acts as an unavoidable factor that can influence the price competitiveness of different products and services. The different economic factors like taxation rate, labour cost, inflation rate, currency exchange rate etc, are the reasons why price competitiveness prevails in the market. This trend in economy will give a positive or negative mark on the company’s pricing strategy.
Posted on February 2, 2015 | Categories: Apps, Mobile Apps | Posted by: admin
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