Pricing Response

This is in response to Chris French’s post:

Do you think price is always an important role? Or does it sometimes not matter? How important is it for a company to scout out competitors’ prices and adjust as needed?

Price is not always an important role, but it all depends on the situation. Senior citizens tend to buy products when they go on sale, because they know how to use their money wisely. Then you have people who will pay any price for a specific brand because it shows status. These are just a couple of the circumstances that apply to buyers. I do think prices are important when it comes to the specific product, target market, and situation.

I think it is important for a company to scout out competitors’ prices and adjust as needed in certain situations as well. This definitely applies to the more expensive purchases buyers make. For example, car dealerships are selling very expensive products which are sometimes hard to sell. They should definitely scout their competitors’ prices and adjust the prices depending on what they are charging. Competition is a threat to companies so it is important to be aware of their prices. Do you agree with this? Do you think price is important all the time or in certain situations?