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How should a company respond to competitors price change?
Companies should assess the stage of their product in its lifecycle and analyze market conditions when responding to competitors' price changes. It’s vital to understand the reasons behind the price changes, whether they are permanent or temporary, and to evaluate the potential impact on profit and market share. Strategies may include differentiation, product improvement, or introducing low-cost alternatives to remain competitive.
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How should a company respond to competitors price change?
- 1. HOW SHOULD ACOMPANY RESPOND TO COMPETITORS PRICE CHANGE?
- 2. IDENTIFY PRODUCT’S STAGE IN LIFECYCLE Sales Time
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- 7. HOMOGENEOUS MARKET $ $ See ifit is beneficial to industry Enhance the augmented product
- 8. IN NON-HOMOGENEOUS MARKETS.. Why isthe price change initiated? PERMANENT TEMPORARY See if it is temporary or permanent?
- 9. IN NON-HOMOGENEOUS MARKETS.. How arecompanies profit and market share affected? What are others doing?
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- 11. THEN, HOW TO RESPOND? FURTHER DIFFERENTIATE YOURSELF Improveyour Product / Service
- 12. Smaller cars at LESSER prices!! INTRODUCELOW COST VENTURES THEN, HOW TO RESPOND?
- 13. It’s time to create somethingnew REINVENT LOW COST PLAYERS THEN, HOW TO RESPOND?
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