What are the importance of conducting research on competitive price?

[Emmy]

Competitive price can reduce the value of your products in the market. In this regards, you need make research about the acceptable and attractive price for such products. The significance is to actualize price strategy to take advantage of competitive market.

 

[Syldan]

Any business that does not conduct a research before it starts, is liable to failure to some extent. Simply because it will be very difficult for you to know when and how to start the business and also the weakness or strength of your competitors.

 

[Chibson]

Any business that does not conduct a research before it starts, is liable to failure to some extent. Simply because it will be very difficult for you to know when and how to start the business and also the weakness or strength of your competitors.

I think many business people always do this if not they will not get any patronage.
As a business person you must always try as much as possible to know what your competitors are doing and try to do it better than them to get more success.

 

[Syldan]

Research, means to find a better knowledge and understanding about something which will helped you to know and how best the tackle the uncertainties that may comes from it.

Research helped you to be an expert in doing something.

 

[Chibson]

Research, means to find a better knowledge and understanding about something which will helped you to know and how best the tackle the uncertainties that may comes from it.

Research helped you to be an expert in doing something.

Research will probably help you to be very competitive especially when it has to do with business. That is why people always monitor the price at which their competitors sell their products. That way they will also offer competitive prices.

 

[Syldan]

Well starting a business without conducting a research, is more like building a house without knowing what kind of sand you are on.

It helps individuals and companies to be able to know that type or kind of business they are into, their financial strength and weakness, and also the needs of the people and how it can be satisfied.

 

[Heatman]

The importance of conducting research on the competitive price for a particular product cannot be overemphasized because you must be able to create one as this will give you upperhand to set a price that will beat those that you are in the same niche. It will give you upper hand to gain more jobs.

Being able to sell your business product and services very well in the market is only going to be possible when you have a very good price for those product and services in the market. This is because the competition in the market will always make it very difficult for you to sell if your prices are very high and it's the reason why you have to take your marketing research very seriously in terms of the pricing of your products.

 

[Ja sa bong]

It doesn't matter how good your products are, if they are not affordable, customers will not buy them. Those who can afford them at the high price which you're selling them are only going to be few. It's why you need a comparative price research on the business products which you're selling.