When does a consumer benefit from a price war when competitors continually lower prices, trying to get more business? What kind of companies wins price wars?
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When does a consumer benefit from a price war when competitors continually lower prices, trying to get more business? What kind of companies wins pric
By Audrey
– Competition brings many benefits, especially for consumers. Producers have to find ways to make products with better quality, more beautiful, cheaper production costs, a higher proportion of scientific and technological knowledge . . . to respond to the market. tastes of consumers.
Competition is the premise of a free-enterprise system because the more businesses compete with each other, the better products or services provided to customers will be. In other words, competition will bring customers optimal value for their money sweat.
– The price war can create destructive economic and psychological depressions, which cause a great loss to an individual, a company, and to industry profits. Regardless of who the winner is, all warriors seem to end worse before they join the battle. And yet, the price war is becoming more and more popular and fierce. But to win companies must embrace the following:
+When customers have needs, they will buy products and services to meet that demand. Competitor’s demand is companies that serve together, striving to meet the needs of a target group of customers with their products or services.
For example: In the field of transport services, customers can choose to travel by taxi, bus, train, plane . . .
+ Companies may not produce or provide the same product or service, but their products or services can be interchangeable in terms of utility. This competition can be seen as competition between different industries. There are two types of competition for popular uses today.
One is competition between different industries but satisfying the same needs for customers.
The second is competition between new products created from technological advances that can replace the use of products being used by customers today.
For example, Manufacturers of hot and cold water plants and super speed kettles are competitors with each other in terms of utility.
+ Competition between companies in the same industry or competition in the same category of goods. Form of competition between companies in the same industry is often seen such as product improvement, price reduction, promotion, increasing distribution channels, communication . . . .
Example: Coca-Cola and Pepsi are two giants in the beverage industry that have competed fiercely with each other for many years.
+ Competition between businesses that provide similar products and services to the same type of customer and using the same marketing strategy. Brand competitors have a common customer base, a common solution to meet customer needs, a common product or service. They will be the brands that customers will consider to choose to meet their needs.
For example, Honda, Suzuki, Yamaha are motorcycle manufacturers competing with each other.
Study well!
– Competition brings many benefits, especially for consumers. Producers have to find ways to make products with better quality, more beautiful, cheaper production costs, higher proportion of scientific and technological knowledge . . . to respond to the market. tastes of consumers.
Competition is the premise of a free-enterprise system because the more businesses compete with each other, the better products or services provided to customers will be. In other words, competition will bring customers optimal value for their money sweat.
– The price war can create destructive economic and psychological depressions, which cause a great loss to an individual, a company and to industry profits. Regardless of who the winner is, all warriors all seem to end worse before they join the battle. And yet, the price war is becoming more and more popular and fierce. But to win companies must embrace the following:
+When customers have needs, they will buy products and services to meet that demand. Competitors demand is companies that serve together, striving to meet the needs of a target group of customers with their products or services.
For example: In the field of transport services, customers can choose to travel by taxi, bus, train, plane . . .
+ Companies may not produce or provide the same product or service, but their products or services can be interchangeable in terms of utility. This competition can be seen as competition between different industries. There are two types of competition for popular uses today.
One is competition between different industries but satisfying the same needs for customers.
The second is competition between new products created from technological advances that can replace the use of products being used by customers today.
For example: Manufacturers of hot and cold water plants and super speed kettles are competitors with each other in terms of utility.
+ Competition between companies in the same industry or competition in the same category of goods. Form of competition between companies in the same industry is often seen such as product improvement, price reduction, promotion, increasing distribution channels, communication . . . .
Example: Coca Cola and Pepsi are two giants in the beverage industry that have competed fiercely with each other for many years.
+ Competition between businesses that provide similar products and services to the same type of customer and using the same marketing strategy. Brand competitors have a common customer base, a common solution to meet customer needs, a common product or service. They will be the brands that customers will consider to choose to meet their needs.
For example: Honda, Suzuki, Yamaha are motorcycle manufacturers competing with each other.