ENTREPRENEURSHIP

Detailed explanation-1: -Pricing should be in line with the value of the benefits that your business provides for its customers, while also bearing in mind the prices your competitors charge. To maximise your profitability, find out: what benefits your customers gain from using your product or service.

Detailed explanation-2: -Competition-Based Pricing Strategy Competition-based pricing is also known as competitive pricing or competitor-based pricing. This pricing strategy focuses on the existing market rate (or going rate) for a company’s product or service; it doesn’t take into account the cost of their product or consumer demand.

Detailed explanation-3: -A simple competitive pricing definition is setting your prices in relation to the prices of your competitors. This is compared to other strategies like value-based pricing or cost-plus pricing, where prices are determined by analyzing other factors like consumer demand or the cost of production.

Detailed explanation-4: -Properly determining product price includes an analysis of the competition, the demand, production costs, and what consumers are willing to spend. Various pricing models may be considering, such as choosing between one-time purchase and subscription models.