Effective pricing is the strategic process of setting prices for products or services in a way that maximizes profitability and achieves business objectives. It involves consideration of a variety of factors:
Analyzing your competitors' prices online can provide valuable insights and business benefits. It can be manual or automated monitoring, but regular monitoring is a must to keep your business profitable!
Dynamic pricing and competitive pricing - both strategies are responsible for maintaining product competitiveness and maintaining sales. However, they differ in their approach and focus.
Dynamic pricing, also known as active pricing, involves the formation of a product's value based on demand and/or time. It is a pricing strategy in which the price of a product or service is adjusted in real-time based on various factors:
Competitor Price Monitoring is the practice of actively tracking and monitoring the prices of your competitor's products or services in the marketplace. However, keep in mind that for other sellers, you may also be a competitor!
