Competitor Pricing

Competitor pricing involves analyzing the prices set by other businesses offering similar products or services. Companies use this information to determine their own prices—whether to match, lower, or higher than competitors—aiming to attract customers while maintaining profitability. It helps businesses stay competitive in the market and adjust their pricing strategies based on market trends, customer expectations, and their unique value propositions. Essentially, it's a way to ensure your prices are fair and appealing relative to what others are charging, balancing affordability with business sustainability.