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Competitor Price Intelligence for Manufacturers and Brands
In a competitive market, PRICE is crucial to Product Performance. It drives the behaviour of consumers in purchasing decisions. It also has a psychological impact on the consumer that sets a certain impression and affects BRAND IMAGE.
As a manufacturer, the wise question to ask is –
Is Market Price affecting my Product or Brand Performance?
In a competitive market, PRICE is crucial to Product Performance. It drives the behaviour of consumers in purchasing decisions. It also has a psychological impact on the consumer that sets a certain impression and affects BRAND IMAGE. Generally, higher-priced products are perceived as "Premium" and vice–versa.
How do Manufacturers Mitigate this?
The first instinct is to set the MAP (Minimum Advertised Price) to avoid such issues. Earlier in the article, we mentioned that Apple implemented MAP which is, in fact, a good strategy. However, there's always a catch – merely implementing or setting the MAP is not enough! Are you tracking your retailers for MAP Violations? Are you tracking your competitors' Pricing Strategies for a similar product line?
After implementing MAP, many manufacturers are lapse in tracking the compliance of this, which can be disastrous for channel and brand management. With today's global competition, some retailers indulge in a Price War. This can be detrimental for Brand Popularity as it affects consumers' perception and can devalue BRAND IMAGE. Not tracking your retailers and competitors properly can result in a loss in R&D investment used to design and manufacture new products. Hence, it is necessary manufacturers MUST monitor MAP violations and track competitors' Pricing Strategies.
What is the Solution?
Competitor Price Intelligence (CPI) solutions play a key role. It helps Manufacturers and Brands Monitor MAP Violation among the sellers. Besides, it can identify, track, and analyze related SKUs based on Product Features and Attributes that match a competitor's product. The tool provides various intel and reports on Price Trends, Competitors' Pricing Strategies, MAP Violators and Market Growth trends.
Get full insights on "https://growbydata.com/