Answer:
Competitor pricing is used to determine your approach to pricing by comparing and analyzing the prices set by your competitors for similar products or services. By understanding what your competitors charge, you can make informed decisions about your own pricing strategy. If your prices are much higher, you may position yourself as a premium option with added value. On the other hand, if your prices are lower, you could attract price-conscious customers or aim for a competitive advantage. Ultimately, competitor pricing helps you find the right balance to remain competitive in the market and meet the expectations of your target customers.