Merchandising: Four Pricing Strategies and When to Use Them
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* Competitor pricing: When trying to differentiate your merchandise from the market leader in your space, competitor pricing is the way to go. Here, you establish prices at a particular distance from your competition — either large or small, above or below its price points. How far and in which direction you price depends on how you want to be perceived in relation to your competition. This requires keeping a close eye on the competition, the authors write, as you’ll quickly need to adjust your prices to reflect any changes in their pricing.
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