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.
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.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more