competitive pricing

Meaning

This term refers to the strategy of setting the price of a product or service in relation to what competitors are charging. It aims to attract customers by offering similar value at a comparable or slightly lower price point, ensuring the business remains attractive in the market.

Examples

• To win market share, our new online store must offer competitive pricing.

  To win market share, our new online store must offer competitive pricing.

• The company's success is largely due to its high-quality products and competitive pricing.

  The company's success is largely due to its high-quality products and competitive pricing.

• We need to analyze our rivals' rates to establish competitive pricing for our consulting services.

  We need to analyze our rivals' rates to establish competitive pricing for our consulting services.

• Despite rising supply chain costs, we managed to maintain our competitive pricing.

  Despite rising supply chain costs, we managed to maintain our competitive pricing.

• Customers choose us not just for our customer service, but also for our competitive pricing.

  Customers choose us not just for our customer service, but also for our competitive pricing.

Common Mistakes

• ✗ We offer competitor pricing.

  ✓ We offer competitive pricing.

  'Competitor' is a noun (the rival company). 'Competitive' is the adjective needed to describe the pricing strategy.

• ✗ Our prices are very competition.

  ✓ Our pricing is very competitive.

  'Competition' is a noun. You must use the adjective 'competitive' to describe prices or pricing.

Related Expressions

Practice

• Our rivals are cheaper, so we must adopt ___ to stay in the game.

  💡 Prices set in relation to market rivals

  Show answer

  competitive pricing

• The software startup gained traction quickly due to its ___ strategy.

  💡 Setting attractive price points compared to others

  Show answer

  competitive pricing