From the course: Pricing Strategy Explained

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Pricing variable 1: Competition

Pricing variable 1: Competition

From the course: Pricing Strategy Explained

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Pricing variable 1: Competition

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- Competition, and competition, as we know, because we've already talked about it, it can have a great influence on your overall pricing strategy. And typically how we look at this, if you have a lot of competition, if you have competition that's really aggressive, then we might have pricing pressures. We might not have as much pricing flexibility in our pricing strategy, but if you don't have that much competition, you might have a lot of flexibility to be able to bid up that pricing, right? So let's take a look at some key strategies to actually work with the competition and differentiate from the competition, and let's see. So let's say I'm a florist, and I'm competing with other florists in my community, but I'm also competing with grocery stores, drug stores, and other things, and everybody's selling these $10 bundles of flowers. They're lovely, but this is what I'm competing with. Now, I can also sell these for…

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