"competition based pricing is ideal for non branded products. " comment
Answers
Explanation:
Pricing is the most important aspect of your business.” No other lever has a higher impact on improving profits. We elaborated on this assertion in a previous pricing strategy post, but realize that a 1% improvement in price optimization results in an average boost of 11.1% in profits. That’s a huge boost!
Competitor based pricing can help you get there if done correctly. Remember, pricing is a process that works to eliminate as much doubt as possible for a key stakeholder to make a profit maximizing decision. Think of pricing as a game of darts where you’re trying to hit a bullseye with the perfect price, but there’s all that extra space to “distract” your dart. Data eliminates that space, paring down the dartboard as much as possible to guide your dart.
..hope you'll consider this:)
Competition based pricing is not ideal for non branded products as such products differ from one another and there is less competition. In case of branded products competition is intense & competition based pricing is ideal.
i hope it will help uh ☺️