The importance of compliance

Dimaeiya333 · Post by **Dimaeiya333** » Sat Feb 22, 2025 8:53 am

Sanctions for violation of price regulations
Companies that violate government regulations on pricing practices can face sanctions such as fines, uganda phone number data regulations, or even criminal charges in serious cases. For example, in 2016, Apple was fined $2 million by the Brazilian government for selling iPhones at higher prices than its competitors.

Compliance with government regulations regarding pricing practices is essential for businesses to avoid legal consequences and maintain a good reputation with customers. Businesses that violate these regulations risk losing their credibility and customer loyalty.

Using Strikingly to emphasize pricing transparency
One way businesses can comply with government regulations regarding pricing practices is to ensure transparency in pricing strategies. Strikingly can help small businesses display their product prices transparently by displaying suggested retail prices (SRP) alongside the retail price on their websites.

Using the Strikingly platform, small businesses can provide clear explanations of their key pricing strategy and percentage markups on retail prices to ensure compliance with government regulations while building customer trust.

Prominent use to highlight the recommended retail price for transparency
Image taken from Strikingly

Competitive pricing
Competitive pricing is a pricing strategy that companies use to set their prices based on those of their competitors. It involves analyzing the prices of similar products or services offered by competitors and setting a price that is either lower or higher than the competitor's price. This strategy is commonly used in highly competitive and price-sensitive industries, such as retail and e-commerce .

When it comes to pricing, competitive pricing can significantly affect the suggested retail price (SRP). If a company sets its prices lower than its competitors, it can attract more customers and reduce profit margins. On the other hand, if a company sets its prices higher than its competitors, it can lose customers and increase profit margins.