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Competitor price monitoring can be hugely advantageous to most businesses. Understanding the competitor's pricing, product range and special offers can give you a competitive edge. This basically means that you will have a certain advantage over your competition. If you have no idea of what others in business are doing then it can turn out to be costly and disastrous for your business.

Pricing of products and services in travel and accommodation industry is one of the factors that determine how well or bad a business is doing. Customers are concerned about what they pay for a product or service and any slight difference can lead to loss or gain of customers.