2 years ago

Explain how firms/businesses compete without lowering their prices

1 answer:

6 0

There are several ways a firm can compete without lowering their prices and they all involve differentiating themselves from competition. This is done by:

having a product with actual physical differences (samsung and Apple phones compete because they are similar but ultimately have different features)
Providing better service: there may be 100 dry cleaners in your city, but if one always makes sure your clothes are perfect and treats you like a valued customer you will go to them even if they don't cut prices.
Advertising - ads will increase the recognition of the brand and help it stand out in the marketplace without having to attract customers by dropping the price

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