Question

When firms compete by offering unique product features rather than competing on price, ______ occurs.

Answer 1

When firms compete by offering unique product features rather than competing on price, non-price competition occurs; it is when businesses employ tactics to boost sales and market shares without lowering prices.

What is non-price competition?

In non-price competition, a company "seeks to distinguish its product or service from competing items on the basis of features like design and workmanship," according to a marketing strategy. Because it exists between two or more producers who sell goods and services at the same prices but seek to expand their respective market shares by non-price factors like marketing strategies and higher quality, it frequently happens in imperfectly competitive markets.

Types of Non-Price Competition:

Marketing involves a range of approaches (based round the 4Ps), including product differentiation, advertising, promotion and distribution

Learn more about non-price competition here:

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