Competitive Pricing Strategy - All You Need to Know

Competitive pricing is a strategic approach where businesses set their prices based on competitors' pricing strategies. It requires deep market insight and understanding of customer value perception. There are various types of competitive pricing strategies, including penetration pricing, promotional pricing, captive pricing, price skimming, price matching, premium pricing, and loss leader pricing. To create a compelling competition-based pricing strategy, businesses need to identify competitors, analyze their pricing and positioning strategies, and calculate the average price. Regular review and adjustment of the strategy are necessary as market dynamics change. Togai's pricing implementation platform can expedite this process, delivering results in less than a day.