Competitive Pricing can be used as a strategic tool in several ways. It allows a business to position itself in the market in relation to its competitors. By pricing products or services at or below competitors' prices, a business can attract customers who are price sensitive. On the other hand, pricing above competitors can create a perception of superior quality. Competitive pricing also requires a business to understand its costs and the value it provides to customers, which can lead to more effective business strategies.
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