Competitive pricing is a strategy used by businesses to set the price of their products or services based on the prices charged by their competitors.
This method involves researching and analysing what similar products or services are being sold for in the market and then choosing a price that is either in line with or slightly lower than competitors in order to attract customers. The main goal of competitive pricing is to gain a competitive edge in the market, helping the business to capture more customers and increase sales volume and market share.
Need help reaching your target grade? Explore our notes, questions by topic and worked solutions, tailor-made for GCSE Business.
Explore GCSE Business
Share this article
written revision resources that improve your