Competitor price analysis

Analyzing competitor prices means keeping a close eye on and contrasting the costs of comparable goods that rival companies sell. By taking into account the rates their competitors are offering, this information can assist firms in making well-informed judgments about their own pricing strategy. Additionally, it can assist companies in determining where they can raise prices to obtain a competitive advantage. For example, a retailer may find that a competitor is charging $2.89 for a carton of milk when they charge $2.99 for the same product. To match the competitor's price, the store might then lower the price of their milk to $2.89.