a) Discuss the pros and cons of using price as a competitive differentiator. Which firms are best positioned to pursue this strategy?
b) Comment on the relative value of product strategy and pricing strategy in the marketing mix.
a) There are different pros and cons for price as using competitive differentiator
Advantages
Disadvantages
The firms who deals with luxurious or premium products, firms which has the monopoly in the market can make the better us of competitive pricing strategy.
b) The relativity between product strategy and pricing strategy can be considered as the value based pricing. Basing a product or service's price on how much the target customer believes it is worth. The aim of this to know how much consumer is willing to pay. Pricing is depend on the features of the product. It is about how you package the product, what are the features, specification and use. Once you develop the features in the product as per the customer need, the pricing will automatically justify the product and customer will pay it willingly. If the product quality does not match with pricing, customer will not buy it. If your competitor has the same price as you, customer would be willing to pay to the one who has different product features than others. so company will have to work on this factor to differentiate their product than their competitors to validate the price.
a) Discuss the pros and cons of using price as a competitive differentiator. Which firms are...
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