Price reassessment involves modifying product prices to adapt to market changes, competition, and other relevant factors. Retailers can adjust their prices upward or downward based on different objectives, such as maximizing revenue, increasing market share, responding to consumer demand, or maintaining profitability.
Price reassessments can be conducted regularly or in response to specific events, such as promotions, sales, or changes in production costs. They require continuous analysis of sales data, profit margins, competition, and market trends. Retailers often use dynamic pricing strategies, competitive monitoring tools, and algorithms to make informed decisions regarding price reassessment.