The 7 Challenges of Modern Competitive Pricing
Tactical, Not Strategic
It’s easy to fall into the trap of using competitive pricing programs to fill tactical rather than strategy needs. Competitive pricing programs should be used to understand not just the competitor’s price on individual SKUs but also their total pricing strategy across their footprint. With consistent, accurate and real-time data, a retailer has the ability to look at trends within the marketplace, understand the actions of competitors, and use predictive analytics to ensure that their value proposition remains relevant to the customer.
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