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The Nexus of Market Competition and Pricing Strategies

In: Proceedings of the 2024 9th International Conference on Social Sciences and Economic Development (ICSSED 2024)

Author

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  • Wenchong He

    (The Australian National University)

Abstract

This article explores the complex relationship between market competition and company pricing strategies across various industrial landscapes. In fiercely competitive markets, businesses often engage in price wars, necessitating strategic acumen to balance aggressive pricing and profit preservation. The fluid nature of pricing, driven by competitive actions and market dynamics, demands adaptability and informed decision-making to sustain profitability. Monopolistic industries offer companies greater pricing autonomy, with strategies like price discrimination, and dynamic, and value-based pricing coming to the fore. In mixed markets, a nuanced approach combining elements from both competitive and monopolistic contexts is essential, requiring segmented pricing strategies and vigilant competitive monitoring. The paper underscores the need for strategic flexibility and adaptiveness in pricing, shaped by the intricate dynamics of market competition, to optimize revenue and profitability while safeguarding market position.

Suggested Citation

  • Wenchong He, 2024. "The Nexus of Market Competition and Pricing Strategies," Advances in Economics, Business and Management Research, in: Radulescu Magdalena & Bootheina Majoul & Satya Narayan Singh & Abdul Rauf (ed.), Proceedings of the 2024 9th International Conference on Social Sciences and Economic Development (ICSSED 2024), pages 32-38, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-459-4_4
    DOI: 10.2991/978-94-6463-459-4_4
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