Question

To use _______ most effectively, a seller must have the flexibility to change prices often, rapidly, and aggressively in response to competitors' price changes. _______ is most effectively used when the seller can make its product stand out through distinctive product quality, customer service, promotion, packaging or other features.

Answer 1

Answer:

To use PRICE COMPETITION most effectively, a seller must have the flexibility to change prices often, rapidly, and aggressively in response to competitors' price changes. NON-PRICE COMPETITION is most effectively used when the seller can make its product stand out through distinctive product quality, customer service, promotion, packaging or other features.

Explanation:

Price competition basically refers to competing against other similar products based on price, e.g. Toyota launches a promotion for the Corolla and Honda launches a similar promotion for the Civic.

Non-price competition refers to competing against other similar products based on their differentiated characteristics, e.g. BMW focuses on high performance while Mercedes Benz focuses on luxury.

Answer 2

Answer:

1. Marketing strategies

2. Marketing Strategies

Explanation:

Marketing strategies are simply a set of procedures or actions a company and/or a seller intends to undertake to sell a product or service to the end user, with a view to earning a profit. Marketing strategies understand that there are many goods chasing fewer buyers. Hence, the competition is often stiff. In a bid to gain a competitive advantage and an edge, a good marketing strategies is very critical to a business concern.

There are basically 4 elements of marketing:

- Price

- Promotion

- Product, and

- Place

Price is simply the amount the end user intends to pay for a product. It is an acknowledged fact through the study of consumer behavior that consumer will buy more of a go when the price is low, compared to when high. This is bearing that they both have same quality content. Thus, pricing is a critical element of marketing as its proper application is incidental to a firm gaining its competitive advantage. Hence, a seller must have the propensity to change price often, rapidly and aggressively in response to competitors' price changes.

Additionally, Proper pricing should not be viewed in isolation. Other elements of marketing are also critical to understanding appropriate marketing strategies. Making products stand out through requisite promotion strategies - advertisements, publicity, fairs and all, make pricing more competitive.

Also, a product with good and high quality easily wins the heart of a consumer than otherwise. Thus, to be competitive, a seller must come up with a product of good quality and rating. And when a consumer sees that there's value for money, he's inclined to paying more.

Strategically placing your product where it'll easily contact the prospective buyer goes a long way in being competitive and taking the advantage of the pricing decision.