In conditions of constant market dynamics, price monitoring can become one of the most important tasks for a trading company. Price research of various kinds will help to maintain a competitive position, manage customer demand and increase the profitability of goods.
Necessary
- - file or program for analysis;
- - the Internet.
Instructions
Step 1
Create a special file or electronic program for local use that will serve as a template for price monitoring. This resource should include a list of the main commodity items and services of your company, a list of competitors and the goods they offer. Create handy price comparison tables that will allow you to track the dynamics of prices for similar products.
Step 2
Highlight the circle of your company's main competitors whose activities directly affect your pricing policy. Divide them into several semantic groups. For example, close competitors, whose prices you need to monitor constantly, and distant competitors, whose work you will control less intensively.
Step 3
Define methods for tracking prices by major line item or company. You can subscribe to a permanent email newsletter of price lists, which will keep you informed of the slightest changes. Unfortunately, this method is not acceptable for all companies. In most cases, you will have to track prices on an individual basis, for example, by visiting a corporate website or points of sale.
Step 4
When monitoring prices, do not forget about additional conditions that may affect the final cost of the goods. So, the official price list of the company will help to imply significant discounts. Be sure to take these conditions into account, because as a result, the price level for certain goods from other firms may be significantly lower.
Step 5
Draw up price charts for the closest competitors. Analyze the dynamics and consider the main factors influencing the growth or decline in value. When analyzing prices, try to highlight the estimated trading margin as well. For example, an official dealer of a large factory will always be able to offer a lower price than a wholesaler. Consider these factors.
