The pricing strategy of a constructed supply chain composed of two manufacturers with online and offline channels under both channel competition and brand competition at the same time was studied. Based on different market power structures, the manufacturers Nash game model and coordination game model were established, and the effects of competition sensitivities on the price of each channel and the profit of manufacturers were analyzed. The validity of these models was verified through a numerical example. The results indicate that channel profit is inversely proportional to channel competition and the degree of brand competition, and an appropriate combination of markup and markdown prices can achieve both supply chain coordination and a win-win outcome for each channel.