You will need
- file or the program for analysis;
- - the Internet.
Create a special file or email the program for local use, which will serve as a template for monitoringand prices. This resource should include a list of the major commodity items and services of your company, list of competitors and their products. Create a handy table for comparative analysis of pricesthat will allow you to track the dynamics of the cost of similar products.
Select the range of the main competitors of your company, activity of which directly influences your pricesovou policy. Divide them into several semantic groups. For example, near competitors, pricess which you need to monitor constantly, and far competitors, which you will monitor less intensively.
Determine methods of tracking prices on major items or companies. You can subscribe for a regular email newsletter price lists, which will allow you to be aware of any changes. Unfortunately, this method is appropriate not for all companies. In most cases you will have to track prices on an individual basis, for example, visiting a corporate website or sales.
When monitoringe prices do not forget about additional conditions that may affect the final cost of the product. So, the official price list of the company can mean significant discounts. Be sure to consider these conditions, because in the end pricesthe new level to certain products of other companies may be considerably lower.
Make graphs of prices at nearby competitors. Analyze the dynamics and the consideration of the main factors influencing the growth or decline in value. During the analysis of prices try also to allocate the estimated trade inpriceof the. For example, the official dealer of a large plant will always be able to offer lower prices, than the wholesaler. Consider such factors.
Be careful with competitive intelligence. Despite the fact that in some cases this is the only way to get information about pricing policy of another company, try to work within the law.
When price monitoring don't forget to analyze the change in the cost of raw materials or source products across the country or the world. For example, if you are a tire track rubber market and rubber. Sharp price fluctuations for raw materials will affect the value of the product.