The free markets will continue to drive producer and consumer behavior with respect to the impact of competitive pricing intelligence.

1. COMPETITIVE PRICING INTELLIGENCE AND HOW
COMPANIES LEVERAGE THESE STRATEGIES IN
TODAYS ECONOMY
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The free markets will continue to drive producer and consumer
behavior with respect to the impact of competitive pricing intelligence.
Regardless of the long-standing economic principles that remain
constant, pricing strategy execution will be an essential factor to the
successful implementation of these changes.
Companies who can successfully create innovative pricing strategies
and effectively execute upon them will be those who will see continued
success within the current business landscape.
Companies have ultimately come to understand that modification of
traditional pricing practices are increasingly being integrated into the
strategies utilized by modern management regardless of the industry.
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Base pricing concepts are an important aspect of any business. Often
times small business owners typically do not give enough attention to
implementing a favorable environment for competitive pricing
intelligence.
Sadly we tend to see that these small business owners typically will not
begin to worry about execution until they have received competition or
faced with adverse market pressures. By actively manipulating these
strategies, it can be very difficult for some products to ultimately return
to what their normal perceived price would be.
If the company was to make a rather drastic adjustment in the overall
cost of an item, the market within dictate whether or not they would be
willing to pay for that same item when it returns to its normal price.
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For example, companies like Walmart have been leaders in innovative
pricing strategies, as their economies of scale have allowed them to be
able to negotiate with their vendors to provide the lowest prices
possible to their consumers.
While many will say that this pricing strategy execution is predatory on
suppliers and puts other smaller scale competition out of business, the
company remains steadfast in its push to remain the low-cost leader.
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While there are many different approaches to this type of business
tactic, there are a few rather offensive strategies that businesses can
implement in an effort to match or beat their competition.
For example, many organizations have chosen to accept posted
competitor prices for products that they currently sell in their own story
even if it is lower than advertised.
We see this as somewhat of a defensive mechanism as honoring our
competitors coupons or low cost promotion will allow the selling
company to maintain its original price while triaging those individuals
who may be shopping elsewhere but are loyal to this unique store
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Another approach to pricing strategy execution is to incorporate
multiple marketing tactics in an effort to keep your competition off-
balance.
By relying upon several different pricing strategies that are being run
concurrently, the organization will find itself playing catch-up to either
meet or beat your current advertised prices.
Ultimately they will either try to engage in actively beating your
advertise cost or stick to their own strategy.
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With the aggressiveness of competition within today’s marketplace and
the extreme price sensitivity of shoppers, it has become more
important for companies to focus on areas such as their competitive
pricing intelligence in an effort to stay competitive.
Those organizations that have a unique understanding of this concept
will be further prepared to do business in today’s ever-changing
marketplace.
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9. For additional information about Competitive Intelligence
please visit www.Intelligence2act.com