Competition Flashcards
1
Q
What is competition
A
firms challenging one another to get consumers to purchase from them and increase revenue and MARKET SHARE
2
Q
How do firms compete
A
they will compete price related and in non-price related ways
3
Q
what is meant by market structure
A
degrees of competition
4
Q
what are the pricing methods to compete
A
discounts
loss leaders
going rate
price matching
5
Q
what are the non-price methods to compete
A
extended warranties
branding
loyalty schemes
quality
customer service
