ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -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".
Detailed explanation-2: -Non-price competition is the use of ads, giveaways, or promotions to win customers.
Detailed explanation-3: -After-sales service-such as extended warranties, free repairs, or complimentary consultations-is often an element of non-price competition strategies. 4. Rewards: Loyalty cards, free delivery, and free gifts are all promotional expenditures that can incentivize consumers to pay a higher price.
Detailed explanation-4: -Marketing involves a range of approaches (based round the 4Ps), including product differentiation, advertising, promotion and distribution.