Price Tracking

Price tracking is a tool that measures periodic variations in the price of certain products or services on a periodic basis. It also allows the company to evaluate its pricing strategy and measure its brand presence.

Applications
Price Tracking enables the company manager to monitor the evolution of his company's pricing strategy as it compares to that of his competitors. In addition, it is an indicator of product distribution in the market.

By using this tool, the company is able to determine
Price fluctuations over time
Average product prices, in local currency and dollars, for the month being considered
Average prices between the first and most recent measurement
Average headcount in establishments visited
Percent of product shelf space in the establishment vis-à-vis other brands of the same product type.

It also serves as a mechanism to obtain
An evaluation of pricing strategies, as defined by the client, for his product as it compares to a reference point (benchmark).
The quantity of prices within price ranges with respect to a certain brand, as well as outside them.

Methodology
Price Tracking is carried out by means of interviews with a predetermined panel. The panel is formed in accordance to client needs, i.e. desired margin of error and the nature and type of products to be evaluated. The sample is representative by type of location and establishment according to the type of target business. The results of the study are evaluated by means of a specialized statistical program in accordance with this type of study, and includes an analysis of the results.

Related links

» Monthly Advertising Follow up
» Image Follow up
» Consumer, Usage and Attitudes