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Price Intelligence (or Competitive Price Monitoring) refers to the awareness of market-level pricing intricacies and the impact on business, typically using modern data mining techniques. It is differentiated from other pricing models by the extent and accuracy of the competitive pricing analysis. [ 1 ]
This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling combines all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment. [2] Competitive analysis is an ...
A business can use a variety of pricing strategies when selling a product or service. To determine the most effective pricing strategy for a company, senior executives need to first identify the company's pricing position, pricing segment, pricing capability and their competitive pricing reaction strategy. [1]
The term competitive intelligence is often viewed as synonymous with competitor analysis, but competitive intelligence is more than analyzing competitors; it embraces the entire environment and stakeholders: customers, competitors, distributors, technologies, and macroeconomic data. It is also a tool for decision-making.
Competitor indexing is a price setting technique used by marketers, in which a firm pegs the prices of its products those of a competitor.This may involve matching competitors' prices, or setting prices at a fixed amount or percentage above or below.
[10] [12] [13] Critical analysis done separately for cost leadership strategy and differentiation strategy identifies elementary value in both strategies in creating and sustaining a competitive advantage. Consistent and superior performance over competition could be reached with stronger foundations in the event “hybrid strategy” is adopted.
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