Competitive Pricing - Pricing Strategies Explained -GCSE Business Studies Revision OCR, Edexcel, AQA

Competitive Pricing - Pricing Strategies Explained -GCSE Business Studies Revision OCR, Edexcel, AQA || BizzWizard

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This video discusses the competitive pricing strategy used by businesses with many competitors in the market, using the example of an Elvis impersonator, Blue Suede Dude. Competitive pricing involves setting selling prices based on competitors' prices. The importance of monitoring competitors' prices, developing a competitive advantage, and regularly checking customers' response to pricing decisions are also discussed.

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