Suppliers and customers can significantly affect price in a competitive landscape. Suppliers have a direct impact on the cost of goods sold. If suppliers increase their prices, businesses may have to pass these costs onto the customers, leading to a price increase. On the other hand, if suppliers decrease their prices, businesses may be able to lower their prices, gaining a competitive advantage. Customers also play a role in price determination. If there is high demand for a product or service, businesses can often charge higher prices. Conversely, if demand is low, businesses may need to lower their prices to attract customers.
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