Competitor Pricing Strategy

Competitor pricing strategy involves setting the prices of products or services based on what competitors charge. Companies analyze their rivals’ pricing to determine where they stand in the market. They may choose to price their offerings higher, lower, or match competitors’ prices to attract customers. The goal is to remain competitive while also maximizing profits. This strategy helps businesses respond to market trends and consumer expectations effectively, ensuring they appeal to their target audience while striving for a healthy profit margin.