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When you price a product as per the competition, then it is known as competitive pricing. An important criteria in customer purchasing behavior is price. Companies generally set the prices by taking into consideration competition, costs and price sensitivity. To result in profitable and sustainable businesses, managers have to set prices so it covers the cost of production, costs of company overheads and provides suitable profits
In competitive pricing, prices are set according to the competition in the industry in which you operate. When establishing the appropriate pricing strategy for your company, you have to take a look at the product life cycle and define which stage your product is in. If you are in the development stage competition may not be the factor to focus on. But if your product is part of a mature market, saturated by a relatively high number of competitors and substitutes, then the action of your competitors might be the ones driving your profit. You can either price your products higher, the same or below as your competitors. Therefore, the most common tactic s to set the prices of your products according to your competitors is also known as “the competitive pricing strategy
An analysis about the competition:
Who are your competitors depending on the type of product?
What is their strategy for?
What is the percentage of participation in the market?
What are their channels.
What are their strengths and weaknesses?
What are the competitive edge at?
How to make the decisions?
To what extent do you know about the sale and strategies for their sales team?
Key factors for success:
What is necessary for success in this sector are the requirements?
What are the resources needed to make the right decision information?
We need an intelligent management system in order to obtain information.
SWOT analysis:
You must know what they are:
Our strength?
Our weakness?
Our chances?
Dangers?
The sales plan is to put the competence of the sales manager.
There are 10 steps to enable you to develop successful sales plan:
Shorten your goals.
Select your strategic goals.
Department of customers.
Then your sales structural design.
Put your goals for this year.
Develop a specific product or sector sales plan.
Measure and monitor the results.
Create annual sales plan.
Then type the executive summary.
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Agree with the answer given by Mr. georgei assi . Thank you
Thank you for the invitation I agree with the experts answers
Marketing is a general term used to describe all the steps that lead to final sales. It is the process of planning and executing pricing, promotion and distribution to satisfy your individual and organizational needs, as well as those of your customers.
From this definition, it is easy to see that marketing is more than just selling a product or service. It is an essential part of business. Without marketing, even the best products and services fail.
Companies constantly go under because they don't know what is happening in the marketplace and, as a result, they aren't fully meeting their customers' needs. They mistakenly believe that with the proper amount of advertising, customers will buy whatever they are offered.
Marketing consists of the decisions you make strategically-behind the scenes-that affect how your customer perceives your product
agree with expert answers above
I agree with Mr.Tariq's answer to this questions!
Thanks for invitation
I am apologies to answer this question because it's not my specialist field
Agree with all the experts.
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