What is competitive pricing?
Competitive pricing is a pricing strategy used by businesses to remain competitive in their respective markets. This strategy involves researching the prices of competitors and then making adjustments to one's own prices accordingly. By matching or bettering the prices of competitors, businesses can attract new customers and maintain their current customer base. Furthermore, this strategy helps businesses understand how they compare to their rivals and allows them to adjust their own products' or services' costs so that they remain attractive compared to those of other market players.