In some markets and industries, a manufacturer's pricing has to conform to that of its competitors. In these circumstances, companies release pricing at competitive parity, relying instead on cost efficiencies to help them generate profit. Write a response explaining the concept of competitive pricing, with examples to illustrate your points.
One of the primary keys to success in sales is accurate pricing. It is imperative for companies to monitor the pricing of goods and services within their industry to stay on top of what the market holds and what their competitors are doing. Competitive pricing is not only pricing to match what your competitors are charging, but to price according to what your company offers. If your company offers specialized upgrades to services that competitors do not, then increasing your pricing is justified. By streamlining your company's operations it might be possible to lower your pricing to stay more competitive.
There are several factors that influence ...
This solution is comprised of a response of about 400 words, including one reference, which discusses the concept of competitive pricing in relation to particular factors: technology, geographic regions, demographic groups and direct competition. Several examples are used for each factor to further strengthen the discussion.