[Teaneck, 12/15/2017] -- Competition arises when different companies produce products with similar core features. To stay ahead of the curb, market players must create an effective competition-based strategy. This involves setting pieces against the competition as opposed to cost and profit objectives.

Various factors are essential to creating an effective competition-based pricing strategy. One is price environment, which determines the level of control the seller has over competitive pricing. This aspect can be company-controlled, market-controlled, or government controlled.

Competitive pricing, meanwhile, relies on three factors: low cross elasticity, lasting distinctiveness, and perishable distinctiveness. Price range is the range in which competitors offer their products. Customers use this to gauge normal prices as well as what they can consider a good deal. Other important features include product comparison and target market.

Helping Merchants Find the Right Pricing Strategy

PriceManager helps merchants find the pricing strategy that works best for their company through their flagship product: a web-based tool that provides accurate, competitive intelligence. The tool takes information relevant to the market environment, competitor pricing, and other factors to help users create a powerful competition-based strategy.

The software gives users access to a comprehensive daily report of competitor prices across various platforms. Entrepreneurs, then, can pattern their pricing strategy according to the general market environment, pricing range, and other important deciding factors.

By keeping track of the competition in their market, users can gain valuable insights that can help scale the business. Setting fair, reliable pricing, meanwhile, lets companies gain the business and loyalty of even the most discerning shoppers.

About PriceManager

PriceManager offers subscription-based software that helps both manufacturers, merchants streamline their services as well as adopt the best pricing strategy based on market competition. The software helps grow profitability and sales through cost-effective, competitive intelligence features that include online pricing tracking and more.

For more information about the company and their services, visit http://www.pricemanager.com/.