What is really competitive pricing?

[King Belieal]

We have been hearing about competitive pricing for a long time now. But let's really look at what it truly is and what it entails in entirety?

What is the concept of competitive pricing? How does a business organization arrive at a competitive price for its products/services?

 

[eLdavis]

In a situation where another person sells the same product as you do, or offers the same service, competitive pricing is when you also set your price the same as the others.

 

[Kross]

Competitive pricing involves offering superior value for the same market price or a lowered price range.

 

[Augusta]

it means setting a price for your product or service that is comparable to, or slightly lower than, the prices of similar products or services offered by your competitors in the market