Price monitoring refers to the ongoing process of regularly observing and collecting information on the prices of goods and services.
- Includes tracking competitor pricing moves and industry price levels
- Monitoring one’s own prices across sales channels
- Recording price fluctuations over time
The goals of price monitoring are to:
- Detect pricing trends and identify new price points
- Benchmark against rivals to ensure competitive positioning
- Maintain consistent pricing strategies across markets
- Capture data for future pricing decisions and promotions
Price monitoring may involve website scraping, using pricing/market intelligence tools, or directly contacting competitors or retailers.
Understanding factors driving competitor actions helps inform proper responses to avoid losing customers or margins.
Overall, consistent price monitoring plays a key role in maintaining price optimization and integrity as a core business and marketing function. It helps create pricing strategies aligned with current market realities.