Price monitoring refers to the activity of collecting and recording the prices of products offered by competitors or retailers in a given market. This is a common practice for monitoring and analyzing the competition. It can also be used to assess a company’s pricing position and make strategic pricing decisions.
Price surveys can be carried out manually, by sending teams to record prices in the field, or automatically, using online data collection tools. Information gathered during price surveys can include:
- regular prices,
- promotional prices,
- discounts,
- special offers.
To find out why it’s important to survey your competitors’ prices and how important this data collection is, we invite you to read our article: Why survey competitor prices
