Price competition is important, but so too are non-price strategies

Consider the following: “Price competition is important, but so too are non-price strategies, such as, advertising, investment in R&D, innovation, mergers and takeovers, and reputation building.”

Price competition is important, but so too are non-price strategies
“Price competition is important, but so too are non-price strategies, such as, advertising, investment in R&D, innovation, mergers and takeovers, and reputation building.” Discuss, commenting on the relative importance of price and non-price strategies.

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The importance of price and non-price competition
Firms compete for market share and the demand from consumers in lots of ways. We make an important distinction between price competition and non-price competition.
Price competition involves discounting the price of a product (or a range of products) to increase demand.
Non-price competition is a marketing strategy in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship.
The firm can also distinguish its product offering through quality of service, extensive distribution, customer focus, or any other sustainable competitive advantage other than price.
Firstly, mass media advertising and marketing

Secondly, store Loyalty cards

Thirdly, banking and other Financial Services (including travel insurance)

Home delivery systems

Discounted petrol at hyper-markets

Extension of opening hours (24 hour shopping in many stores)

Financial incentives to shop at off-peak times

Internet shopping for customers

Global spending on R&D has reached a record high of almost US$ 1.7 trillion. About 10 countries account for 80% of spending. As part of the Sustainable Development Goals (SDGs), countries have pledged to substantially increase public and private R&D spending as well as the number of researchers by 2030.

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