Market Conditions Impact Pricing
According to a study published in the Journal of Marketing Research in 2020, the level of competition within a market can significantly impact a company’s pricing and marketing strategies. In highly competitive markets, companies may be inclined to engage in price competition in order to gain market share and attract customers. This can lead to price erosion and lower profit margins for the company (Deshpande, 2020). On the other hand, in markets with less competition, companies may have more flexibility in setting their prices. In these situations, it may be more beneficial for the company to focus on non-price competition, such as marketing efforts to differentiate the product from competitors and emphasize its unique features and benefits (Deshpande, 2020). In addition to competition, the level of elasticity in a market can also affect a company’s pricing decisions. If demand for a product is highly elastic, a small change in price can result in a significant change in the quantity of the product demanded. In these situations, it may be more beneficial for the company to set a lower price in order to maximize profits (Grewal, 2020). That said, the supply and demand dynamics within a market can also impact a company’s pricing and marketing decisions. If the supply of a product is limited, the company may be able to charge a higher price due to the increased demand. On the other hand, if the supply of a product is high and the demand is low, the company may need to lower its prices in order to increase demand and move its inventory (Grewal, 2020). Cont…
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