Purposes of price analysis

May 19th, 2015
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University of North Florida
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The companies like Vectorcal use price analysis to evaluate whether the price of product or service is reasonable or not. The purpose of price analysis is to determine how a product is situated amongst its rivals and competitors.

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Price analysis purposes, advantages and inconsistenciesPurposes of price analysisThe companies like Vectorcal use price analysis to evaluate whether the price of product or service is reasonable or not. The purpose of price analysis is to determine how a product is situated amongst its rivals and competitors. The second purpose it serves that it is also used to determine and understand the perception of the customers about the company and its prices through the comparison of submitted quotations or bids or comparison of current bids with previous bids. Samsung, a cell phone company, used price analysis to determine where they stand amongst their competitor and that is Apple Inc. and then they revised their pricing strategy to compete better with the Apple smart phones by selling smart phone at a better and low price than apple. Systems limited, a software company, also revised its pricing strategy to become a leading IT company in Asia. They priced their products and service in such a way that customers perceive that the price they are offering for their products is reasonable [WiseGEEK (2015)].Incorporate of a price analysis for a financial successBeing a CEO of a large company, I will incorporate price analysis where I will have to perform a comparison of competitive bids which is the best means for the validation of prices. For rational price I would ask two or three suppliers of same product. Selecting lowest bid doesnt repres

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