Definition, Meaning & Synonyms

competitive-pricing

noun

kəmˈpɛtɪtɪv ˈpraɪsɪŋ

Definition

A pricing strategy in which a business sets the price of its products or services based on the prices of its competitors.

Examples

Many retailers use competitive pricing to stay relevant in the market.
With the rise of online shopping, competitive pricing has become even more important for brick-and-mortar stores.
The company adopted a competitive pricing strategy to increase its market share against rivals.

Meaning

Competitive pricing aims to attract customers by offering prices that are similar to or lower than those of competitors, thereby encouraging sales and maintaining market share.