ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is NOT an example of non-price competition?
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Location
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Brand name/image/status
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Service level
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Buy one get one free
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Explanation:
Detailed explanation-1: -Examples are such like loyalty programs, subsidized delivery, unique selling points, brand recognition, ethical and/or charitable concerns, after-sales service, positive feedback reviews, marketing campaigns and many more.
Detailed explanation-2: -Non-price competition can include quality of the product, unique selling point, superior location and after-sales service.
Detailed explanation-3: -Focuses on the factors other than the price of the product. In non-price competition, customers cannot be easily lured by lower prices as their preferences are focused on various factors, such as features, quality, service, and promotion. Thus, the marketers focus on these factors to increase the sale of products.
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