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Formulating Price Competition Strategy - Part 2

Posted On - 11/10/2013 16:59:41

Price Competition is about more than just what's on a price tagPrice Competition is about more than just what's on a price tag. People expect to pay more for things that are better and less for things that are worse. Part 1 of this blog examined why some competitors matter more than others and how URPCSFIXED – our fictitious retailer – should go about improving its business. The issue of price setting was saved for this blog. Because you can only charge what you're worth. But once you're clear about your worth in the marketplace, you can get out and slaughter the big chains.

Setting the scene

This blog is part of series on how to write and formulate strategy. Its objective is to do everything possible to help you write your own, without actually doing it for you. Using an imaginary business – URPCSFIXED Limited - with 8 fictitious competitors, it illustrates the process end-to-end. Each blog represents a major stage of strategy development with detailed guidance, tools, templates and the appropriate part of the Strategy Document fully written up, given. For more detail on the different blogs in this series and how they all fit together, see ‘A Strategy for Price Competition'.

The process of Strategy Formulation

I usually write these blog like a story. They follow an unfolding narrative that makes its points bit by bit. But I'm not going to do that with this blog. Because I want to help you better understand the steps in devising a Strategy for Price Competition - you could need to do them yourself. So this blog will be written like a process. And with 7 steps in strategy formulation there's much to set out. So this blog will be split into two parts. Here's what's in each:

Formulating Strategy | Part 1

1. Define your real competition
2. Prioritise business improvements
3. Leverage existing business advantages

Formulating Strategy | Part 2

4. Identify pricing changes
5. Define your attack on the Big Chains
6. Making price competition part of your culture
7. Documenting your Strategy for Price Competition

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