relative pricing

Relative pricing refers to comparing the price of one product or service to another to understand its value or affordability. Instead of looking at the absolute cost alone, it considers how the price stacks up against alternatives, such as similar goods or previous prices. This concept helps consumers and businesses evaluate whether a product is reasonably priced, encouraging better decision-making based on comparisons rather than fixed numbers alone. It's a way of assessing value in context, rather than in isolation.