How to Strategically React to Competitive Price Pressures at the Vendavo Profit Summit
A competitor lowers or raises their price. Do you follow or hold firm? A new entrant with a disruptive business model enters and you have to decide: lower prices or ignore?
Every day competition changes. As pricing professionals, we are called upon to weigh in on the decision of how to react to competitive price pressures. When should we respond with a pricing action? When should we ignore competitive price moves? What price moves can we take that will improve, or at least maintain profitability? When will a price reaction make no real difference to the outcome?
Tim J. Smith, PhD, Managing Partner of Wiglaf Pricing, will discuss the Competitive Price Reaction Matrix and how leading firms are using mental calculus to improve their outcomes.