The competitive pricing strategy is by definition a strategy that considers what happens outside the perimeters of a business. It is more sophisticated than the Cost-Plus Pricing Strategy that was discussed in an earlier post.
Indeed, competitive pricing decisions involve significant market risks and managerial attention 1. So, if your business does not have the structure and culture to keep an eye on what is happening in the market for your product, you’ll probably have no sales or have lots of sales, but at a loss!
Let’s look a bit deeper at the practice of competitive pricing…
Continue reading Pricing Strategies for Small Businesses – Competitive Pricing
Are you adopting service marketing strategies? If not, now is the time…
Consumer markets are more turbulent and unpredictable than a couple decades ago. Indeed, as Matthew Meacham and others reflected recently: “Twenty years ago, competition in the consumer products industry looked like professional tennis. You faced opponents with business models that were similar to yours. You had been playing against them for years. It was tough but predictable and manageable”.
But now, it’s different. After all, it seems that everything is disrupted. Advances in digital technology has changed the playing field and rules in consumer markets. As a result, most products can easily be copied and sold anytime and everywhere at ridiculous low prices. How on earth can SMEs differentiate themselves with same-old products and copycat competitors? The answer is right in front of their eyes – their customers.
The customers in the market have remained mainly the same. In spite of having more choices and access to multiple channels, they still have the same needs and wants. SMEs need to convince their customers that they are the best firm to do business with. So, if SMEs want to steady their ships to calmer waters, they need to pay much more attention to serving their customers better.
Indeed, they can be on course to achieve a sustainable competitive advantage.
Continue reading Achieve a Sustainable Competitive Advantage by Adopting Service Marketing Strategies
The market dominance of the online retail giant Amazon.com and multi-channel retailer Walmart is a huge barrier for anyone who wants to start selling products online. As a result, the big retailers can be found anywhere online. They offer a large variety of products at ridiculous low prices. Moreover, they promise to deliver products within a couple of days of ordering. And they take the return of products in their stride. So, how on earth can you, as an owner of a Shopify or Woo Commerce website, compete with Amazon and Walmart? The answer is to develop a niche market for your business.
Continue reading Targeting a Niche Market is a Way for Small Online Retailers to Sidestep Big Competition
Competing with Amazon.com may prove to be a difficult if not an impossible challenge. You are up against an extraordinary company led by an extraordinary leader.
Continue reading Thinking About Competing With Amazon.com? Think Again…
Amazon.com and Walmart are busy reacting to challenges in their retail channels. The outcomes of their strategies are setting up these retail titans for a massive collusion in the Omni-channel retail space. “Amazon and Walmart have become the disruptive titans of today’s business world” says Jim Tompkins, CEO of Tompkins International. The rest of the retailers are playing catch up as they create benefits for their customers at a phenomenal rate.
Continue reading Amazon.com and Walmart – Set to Face Off in the Omni-Retail Channel Space
Remember the ‘good old days’ when your post-box was filled to its capacity with flyers, brochures and promotion letters? Indeed, for the most part you can now use direct mail to inform your customers and other consumers what they can find on your website…
Continue reading How Direct Mail can help you to market your Website
Competitors of your business are entities that offer similar products or services to customers in the same market that you are busy in. In other words, if you own a bakery on the corner, the supermarket in the nearby shopping mall that sells bread, is your main competitor.
Continue reading Business Plan: Competitors in the Market