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In concrete terms, this can mean that retailers use competitor monitoring, dynamic pricing, price monitoring, and real-time tracking on marketplaces. [ 7 ] Improve in-store experience: Several retailers have taken price intelligence into their stores and empowered their in-store associates to ease the process of price matching requests.
Keeping track of competitors' pricing also provides a competitive edge. [5] Companies can react promptly to competitors' pricing changes, making strategic decisions on whether to match, undercut, or differentiate their prices. Price monitoring is a critical source of data that supports decision-making in various business areas, including: [6]
Competitor indexing is a price setting technique used by marketers, in which a firm pegs the prices of its products to those of a competitor.This may involve matching competitors' prices, or setting prices at a fixed amount or percentage above or below.
One common and useful technique is constructing a competitor array. The steps may include: Define the industry – scope and nature of the industry. Determine who the competitors are. Determine who the customers are and what benefits they expect. Determine the key strengths – for example price, service, convenience, inventory, etc.
A standard of conduct was developed by the non-for-profit organization Society of Competitive Intelligence Professionals, creating a code of ethics that can be adhered to by organizations when collecting market intelligence, to prevent the illegal and unethical collection of data and information. [3]
That's a more than 60% increase from the $2.51 it cost a year ago and 160% more than the $1.41 consumers paid for the same carton in 2019, CBS News' price tracker reveals.
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