Competitive pricing refers to setting prices for products or services that are comparable and competitive with those offered by other similar businesses in the same industry. The goal is to offer a fair price while still being able to attract customers, maintain profitability, and remain competitive within the marketplace. This strategy involves researching and analyzing the pricing strategies of competitors, as well as monitoring changes in the market conditions that may affect prices. By keeping prices competitive, businesses can increase their chances of winning over potential customers who are price-sensitive and looking for the best deals available.