Competitive pricing in business

Starmix · Aug 20, 2023

Pricing is very important in business. It must be made sure by the business owner not to over-price or else the customers will look for another business that displays the accurate pricing. This may result in low sales and profit. The pricing must be competitive which ignites the interest of the customers to do business with you. As a business owner, you have to set the competitive pricing strategy of your products or services at the current market rate. This way determines all other products in your center which helps you stay competitive. You can also decide to price your products above or below the market rate, as long as it’s still within the range of prices set by all competitors in your community. The customers are very sensible so business owners must be keen enough.

Desireu30b · Aug 20, 2023

Price Rate is not fixed in my community as it differs in Location and among elites. i always wished for a community to be set for business owners not to override the prices of products and services for customers.

Starmix · Aug 21, 2023

Overpricing may harm the business, and people's trust will disappear. Every now and then we see in the market prices that keep on soaring ad how come they soared when there is a market uniform rate? That is an example of dishonesty in business pricing not real.

Bisolami · Aug 22, 2023

Starmix said:
Overpricing may harm the business, and people's trust will disappear. Every now and then we see in the market prices that keep on soaring ad how come they soared when there is a market uniform rate? That is an example of dishonesty in business pricing not real.

Overpricing is not good people will not like to buy goods that are so expensive even though they have the money to buy it. I cannot imagine myself buying a product that is less quality for the amount that I was told

Starmix · Aug 22, 2023

Bisolami said:
Overpricing is not good people will not like to buy goods that are so expensive even though they have the money to buy it. I cannot imagine myself buying a product that is less quality for the amount that I was told

There is no sane people to buy products that are overpriced. It is against the law and the standard pricing rate agency . A business owner could be sanctioned and reprimanded. There's uniformity of pricing.

Bisolami · Aug 22, 2023

Starmix said:
There is no sane people to buy products that are overpriced. It is against the law and the standard pricing rate agency . A business owner could be sanctioned and reprimanded. There's uniformity of pricing.

Exactly
No matter how rich you are, you should be able to buy things of quality and make sure that it is worth the price instead of just buying things that are too expensive. That's wasting of money

Starmix · Sep 15, 2023

There are customers who like to compare prices from store to store for example and if they see that they are the same then what they attack next will be the quality of the products or goods.

eldavis · Sep 15, 2023

This is why it is extremely important to always make your research before setting a price for your business. Set your price to make profit but at the same time it should not be too high.

Starmix · Sep 15, 2023

There are no businesses that are allowed to create their own pricing. They all have to follow the guidelines of rate pricing uniformity. Prices are to be approved by the price control council in the city or nationwide.

relcap23 · Sep 15, 2023

Starmix said:
Pricing is very important in business. It must be made sure by the business owner not to over-price or else the customers will look for another business that displays the accurate pricing. This may result in low sales and profit. The pricing must be competitive which ignites the interest of the customers to do business with you. As a business owner, you have to set the competitive pricing strategy of your products or services at the current market rate. This way determines all other products in your center which helps you stay competitive. You can also decide to price your products above or below the market rate, as long as it’s still within the range of prices set by all competitors in your community. The customers are very sensible so business owners must be keen enough.

I agree with you. Competitive pricing is very important to attract customers but we should never compromise the quality of our products. My niece told me that their school canteen is selling rice toppings ( rice topped with viand) at 15 pesos or $.27 cents and I really do not want to compete with that price lest quality and quantity will sacrifice. We are instead looking at selling it at 35 pesos ir $.60 cents more or less. Our customers are teachers and students from nearby schools and also some office workers.

Starmix · Sep 15, 2023

That's normal because in school canteens students and pupils are given not enough allowance for food. Other kids bring their own lunch pack. Yours naturally, the diners are office employees. They choose the best food regardless of price.

astutimeliana723 · Sep 15, 2023

Competitive pricing in business is a must if you want your business to develop well. However, currently product prices are very chaotic, because there is a price war on online marketplace sites and this is destroying offline market prices.
market prices.

Starmix · Sep 15, 2023

Competitive pricing is like a contest in which there's only one winner and majority losers so it's best for the business operator like you to adjust your pricing but quality the same. And there's a tactic on that only you know.

relcap23 · Sep 15, 2023

Starmix said:
Competitive pricing is like a contest in which there's only one winner and majority losers so it's best for the business operator like you to adjust your pricing but quality the same. And there's a tactic on that only you know.

You're right. Trade secrets on how to minimize expense and optimize quality. Proper sourcing of raw materials is very important. One of our competitive advantage is we are not paying any rent for the space so nothing to consider as rental expense.

Starmix · Sep 15, 2023

relcap23 said:
You're right. Trade secrets on how to minimize expense and optimize quality. Proper sourcing of raw materials is very important. One of our competitive advantage is we are not paying any rent for the space so nothing to consider as rental expense.

That's of great advantage unlike renting a space. It's part of the budget and a rent might increase without prior notice. So it's best to maintain quality products but prices affordable to customers pockets.

henrytuedor · Sep 15, 2023

i agree the costumers or consumers always look for quality and as well as pricing they make sure they are buying cost effective and good quality products as a consumer when buying goods

astutimeliana723 · Sep 15, 2023

Starmix said:
Competitive pricing is like a contest in which there's only one winner and majority losers so it's best for the business operator like you to adjust your pricing but quality the same. And there's a tactic on that only you know.

Of course what you say is true, and the winner is not always the seller who sets the lowest price. But the winner is a seller who can answer consumer needs with affordable prices, excellent service and satisfactory product quality.

Suba · Sep 15, 2023

Basically, a competitive price is a selling price that is set at the same level as the selling price of similar goods offered by competitors or higher so that our merchandise is able to compete with similar products. So to set competitive prices you need to do research and determine the target market, determine several competitors' pricing options, reduce production costs, reduce expenses.

Starmix · Sep 15, 2023

astutimeliana723 said:
Of course what you say is true, and the winner is not always the seller who sets the lowest price. But the winner is a seller who can answer consumer needs with affordable prices, excellent service and satisfactory product quality.

How could you become a winner if you do ot have customers? I think your customers are repeat customers so they know well your quality services. Satisfactory products are a must to attain to always have customers and to profit more.

astutimeliana723 · Sep 15, 2023

Starmix said:
How could you become a winner if you do ot have customers? I think your customers are repeat customers so they know well your quality services. Satisfactory products are a must to attain to always have customers and to profit more.

For beginners, they have to play with attractive prices and promotions to attract buyers. After getting a lot of sales and getting good ratings and reviews, then I increase the price little by little to get a decent profit. I get new customers from ratings and reviews of existing stores.

Competitive pricing in business

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