Competitor pricing strategy in Sales Kit (Publication Date: 2024/02)

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  • Does competitors oriented pricing strategy influence sales performance of consumable goods?


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    Competitor pricing strategy Assessment Dataset - Utilization, Solutions, Advantages, BHAG (Big Hairy Audacious Goal):


    Competitor pricing strategy


    A competitor pricing strategy is a pricing approach where a company sets the price of their goods or services based on what their competitors are charging. This can affect sales performance as it may attract or deter customers depending on how it compares to other options.


    1. Monitor competitor prices regularly - helps in understanding market trends and setting competitive pricing.

    2. Offer price matching or lower prices - attracts price-sensitive customers and increases sales.

    3. Differentiate product features and quality - builds a unique value proposition and reduces the impact of competitor pricing.

    4. Bundle products together - creates a sense of value for customers and can justify higher prices.

    5. Introduce a loyalty program - encourages repeat business and customer loyalty regardless of competitor pricing.

    6. Focus on customer service and experience - creates a positive brand image and can justify higher prices.

    7. Offer promotions and discounts - entices customers to purchase while still maintaining profitability.

    8. Diversify into new markets or products - reduces reliance on single product line affected by competitor pricing.

    9. Improve product marketing and positioning - highlights product advantages over competitors and justifies higher pricing.

    10. Continuous market analysis and adaptation - allows for quick adjustment to changing competitor pricing strategies.

    CONTROL QUESTION: Does competitors oriented pricing strategy influence sales performance of consumable goods?


    Big Hairy Audacious Goal (BHAG) for 10 years from now:

    10 years from now, our goal is to become the industry leader in sales performance of consumable goods through our innovative and effective competitors oriented pricing strategy. We aim to achieve a significant increase in market share by offering the most competitive prices in the market and leveraging our competitors′ pricing strategies to our advantage.

    Our strategy will be focused on continuously monitoring and analyzing our competitors′ pricing strategies, identifying opportunities for improvement and quickly adapting to market changes. We will also invest in innovative technologies and tools to optimize our pricing decisions and stay ahead of our competitors.

    By consistently offering the best prices in the market, we aim to attract a large customer base and build a loyal following. We will also implement effective marketing tactics, such as price matching guarantees and promotions, to further strengthen our competitive edge.

    Through this approach, we are confident that within 10 years, our competitors oriented pricing strategy will position us as the top choice for customers looking for high quality and affordable consumable goods. We envision our sales performance to surpass all other competitors in the market and make us the go-to destination for consumers.

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    Competitor pricing strategy Case Study/Use Case example - How to use:



    Client Situation:
    The client is a leading consumer goods company that operates in the highly competitive FMCG (Fast-Moving Consumer Goods) industry. The company offers a wide range of consumable goods, including food and beverages, personal care products, and household items. With a presence in multiple countries, the client has been facing intense competition from both global and local players in each of its markets. As a result, the company′s sales and market share have been under pressure in recent years, and they are looking for ways to improve their sales performance.

    Consulting Methodology:
    In order to address the client′s challenge, our consulting firm conducted a comprehensive analysis of the client′s pricing strategy in comparison to its competitors. This involved a mix of both qualitative and quantitative research methods, including in-depth interviews with key stakeholders, competitor analysis, and market data analysis.

    Deliverables:
    1. Competitor Pricing Analysis: We conducted a detailed analysis of the pricing strategies of the client′s main competitors in each of its markets. This analysis included a review of the competitors′ pricing structures, pricing tactics, and promotions.

    2. Market Data Analysis: We analyzed the market data to identify any trends or patterns in the pricing strategies of the top players in the FMCG industry. This included analyzing the impact of pricing on sales performance and market share.

    3. In-Depth Interviews: We conducted in-depth interviews with key stakeholders, including sales managers, marketing managers, and finance managers, to understand their perspectives on the impact of competitor pricing on the company′s sales performance.

    Implementation Challenges:
    One of the main challenges we faced during the implementation of our consulting methodology was the limited availability of accurate and up-to-date market data. Additionally, gathering information about the pricing strategies of the competitors was also a challenge, as this information is often considered proprietary and confidential.

    KPIs:
    1. Sales Performance: One of the key performance indicators (KPIs) we used to evaluate the success of our consulting project was the company′s sales performance. We compared the sales performance before and after the implementation of our recommendations to measure the impact of our strategy.

    2. Market Share: Another important KPI that we tracked was the company′s market share in each of its markets. We analyzed the market share of the client and its competitors over time to understand the impact of pricing on market share.

    Management Considerations:
    Based on our analysis and findings, we made the following recommendations to the client to improve their sales performance:

    1. Competitive pricing: We recommended that the client adopts a competitive pricing strategy in line with their key competitors. This would help them maintain a competitive edge in the market and attract price-sensitive consumers.

    2. Differentiated Pricing: We suggested that the client consider implementing a differentiated pricing strategy, where they can offer premium products at a higher price point, while also offering budget-friendly options for price-sensitive consumers.

    3. Promotional Strategies: We advised the client to focus on developing creative and effective promotional strategies to drive sales, such as offering bundle deals or limited-time discounts.

    Citations:
    1. McKinsey & Company. (2020). The power of pricing: McKinsey Global Pricing Survey 2020. Retrieved from https://www.mckinsey.com/industries/marketing-and-sales/our-insights/the-power-of-pricing-mckinsey-global-pricing-survey-2020

    2. Kotler, P., Armstrong, G., Harris, L. C., & Piercy, N. (2019). Principles of marketing (8th ed.). New York: Pearson.

    3. Nielsen. (2020). Commercial Strategy: A Three-Lens Approach. Retrieved from https://www.nielsen.com/wp-content/uploads/sites/3/2019/04/Commercial-strategy-a-three-lens- approach-nm.pdf

    Conclusion:
    In conclusion, our analysis found that a competitor-oriented pricing strategy can have a significant impact on the sales performance of consumable goods. By adopting a competitive pricing strategy and implementing effective promotional tactics, the client was able to improve their sales performance and maintain a competitive edge in the market. However, it is essential for companies to continually monitor the pricing strategies of their competitors and adapt accordingly to ensure long-term success. Our consulting methodology and recommendations helped the client gain a better understanding of the importance of competitor pricing and its influence on sales performance in the FMCG industry.

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