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Price monitoring is an age-old business process. This was what had prompted the staff of retail companies to enter competitors’ stores and check product prices on every aisle. With a photographic memory (since a notebook and pen would be too obvious), they’d note prices and report back to their bosses.
The goal is for businesses to gain an awareness of the market’s pricing structure in a (relatively) timely manner. Because of this strategy, companies ensure that their pricing strategies are at par with the market.
Of course, the data they gathered was not really updated or in real-time. By the time they are done manually scouring competitor prices, these prices would have been updated already or new price promotions would have been put up by the competitors.
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