Offer competitive pricing to attract more sales
Marketplaces
Everyone loves a good deal! Offering competitive pricing can significantly boost your sales and customer base. While it might cut into your profit margin, it creates buzz and draws more customers to your brand.
Objectives
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Demographics
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Promotes
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Sectors
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Strategy
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Sub-strategy
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Technologies
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Channel
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| Marketplaces | Marketplaces are online platforms where you can sell a wide range of … |
Sub-channel
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Quick Facts
Channel
Marketplaces
Difficulty Level
Intermediate
Estimated Cost
Medium
Time to Impact
Short (Weeks)
Pros
- Increases customer attraction due to lower prices. - Enhances competitive edge in the market by standing out. - Boosts sales volume by drawing in price-sensitive shoppers. - Encourages customer loyalty as people come back for more deals. - Facilitates market penetration by making your products accessible. - Aids inventory turnover by moving products faster. - Creates positive buzz that can improve brand visibility.
Cons
- Reduces profit margins due to lower prices. - May attract non-loyal customers who only care about low prices. - Can lead to price wars with competitors, reducing industry profitability. - Potentially undervalues the product in the eyes of the consumer. - Might require increased volume to make up for lost revenue. - Can strain resources if demand outstrips supply. - Risk of long-term sustainability as consistently low prices may not be feasible.