Competitor-Based Pricing

A pricing method that utilizes competitor prices as a benchmark, rather than setting a price based on company costs or customer value.

Deeper Insights

In many cases, this method of pricing is not entirely effective because the company does not know what strategies their competitors are utilizing to select their price. In this case, using each other as a benchmark is like throwing a dart in the dark.

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Related Keywords: Cost-Plus Pricing, Geographical Pricing, Pricing Strategy, Value-Based Pricing