Is the price matching strategy good for business?

Price matching strategy offers loads of benefits for the business, but one must not overlook the downside of this technique.

Let's take a look at three major pitfalls of price matching strategy:

1. It can reduce the company's profit margin, further creating financial problems for your company.
2. It may start an uncontrollable price war between competitors.
3. For a small business, it increases the probability of losing customers.

In the end, pricing your product is not a universal strategy but entails a couple of variables to think over. Do the market analysis, study your competitors' pricing strategy, identify your target audiences' purchasing power, consider your margin, and price your products accordingly.

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