Competition Driven Pricing: A Key Element in Marketing Strategy

The video tutorial discusses the importance of pricing in product strategy, focusing on competition driven pricing. This strategy involves setting prices based on competitors' pricing for similar products. The tutorial emphasizes the role of positioning in pricing decisions, suggesting that higher prices can imply better quality, while lower prices can suggest better value. The essence of competitive pricing is to determine the product's price by considering market competition.

What is competition driven pricing?

How does competition driven pricing influence the pricing strategy of a product?

What factors should be considered when positioning a product in relation to competitors?

In what scenarios might a company choose to set a higher price for their product?

What is the essence of competition driven pricing?