Consider the following: āPrice competition is important, but so too are non-price strategies, such as, advertising, investment in R&D, innovation, mergers and takeovers, and reputation building.ā
Price competition is important, but so too are non-price strategies
āPrice competition is important, but so too are non-price strategies, such as, advertising, investment in R&D, innovation, mergers and takeovers, and reputation building.ā Discuss, commenting on the relative importance of price and non-price strategies.
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The importance of price and non-price competition
Non-price competitionĀ 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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