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Best Price Comparison Strategies
When it comes to price comparison, there are three main strategies that any business can adopt.
- a) Pricing Higher than Competitors
When you have set a higher price tag than your competitors, you will have to introduce some features not offered elsewhere.
- b) Pricing Lower than Competitors
Here you are at the risk of minimizing your profits, but if you are producing large batches, you will be able to cover that margin. However, there is no room for any errors.
- c) Pricing Equivalent to Competitors
The focus is entirely on the product that you are offering. The product has to be of the best quality, and offering additional features will attract customers to your brand.
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