GlossariesGCSE GlossariesGCSE Business GlossaryCompetitive Pricing

Competitive Pricing - GCSE Business Definition

Reviewed by: Lisa Eades

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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.

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Lisa Eades

Reviewer: Lisa Eades

Expertise: Business Content Creator

Lisa has taught A Level, GCSE, BTEC and IBDP Business for over 20 years and is a senior Examiner for Edexcel. Lisa has been a successful Head of Department in Kent and has offered private Business tuition to students across the UK. Lisa loves to create imaginative and accessible resources which engage learners and build their passion for the subject.

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