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After you set a price for your product you discover that your competitors are selling the same thing at a significantly lower price. One reasonable option you have is to?
Wiki User
∙ 7y ago
The best to do in this case is to find a way to cut costs. This may mean buying from a different source, or lowering over head costs.
Wiki User
∙ 9y ago
Wiki User
∙ 7y agoLower your price to below that of your competitor.
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Is McDonald's a monopolistic competitor?
What is a competitor? Competitors are used as bench mark against the product.
What are the types of competition in the market?
Close Competition Distant Competition Direct Competition Indirect Competition
The gross domestic product would increase significantly if what would occurred?
Consumption doubled.Consumptions doubled.
Characteristics of perfect competitive market?
A perfectly competitive market has many competitors. There is no one competitor that has more say in product prices within the industry.
What are monopolies and do economies benefit from them?
Exclusive control by one group of the means of producing or selling a commodity or service There is one of that product/service so they can charge what ever they want with out worrying about competitors.
Who are the competitors for Milo?
The competitors of Milo are other malt product selling companies that have a same range of pricing as Milo.
What are the advantages and disadvantages of new product development?
advantages: - new to the market/ fresh opportunities - competitors may have reached a declining phase, giving your product an advantage - knowing the existing competitors and there over all market share and strategy's disadvantages: - competitors- dominance in the market - risks on failing to achieve sales and the product being unsuccessful
How may the engineer manager meet the threat of a competitors product?
To meet the threat of a competitor's product they need to focus on the price of their product,
What is a selling product below cost to drive competitors out of the market?
This dick
How do you determine if a product is reasonable?
With a rough estimation.
Where to find a me-too product?
Any product that is produced identical to an already existing competitors product. A company might decide to opt for its production after observing its competitors sucess from their product. These could include soap bars, hair creams/conditioners, food items, certain type of diet products, etc.
When a business has no competitors and controls the market for a product or service it is said to have an?
have a monopoly of the market
What are the pros and cons of first movers in technology?
Advantages of being first to market may include: * Charging a price premium until competitors enter the market. * Establishing your product as the brand leader in customers' minds. * Learning before competitors how to reduce manufacturing costs (learning curve). * Creating exclusive relationships with suppliers and distributors. * Improving the product ahead of competitors due to customer feedback. (Getting your Mark II product ready while competitors are still working on their Mark I.) Disadvantages of being first to market may include: * The cost of developing the market for the new product. * The cost of getting regulatory approval for a totally new type of product. (Competitors may have lower regulatory costs as their product is a "me-too".) * The cost of testing the various market segments, not all of which may succeed. * Enabling competitors to learn from your mistakes.
What is a reasonable estimate for the product of 43 and times68?
280
In what way do patents protect businesses and product development in a market economy?
It prevents competitors from legally imitating a product for a period of time.
Is McDonald's a monopolistic competitor?
What is a competitor? Competitors are used as bench mark against the product.
Why do companies introduce new product?
Because they have innovated and want to say ahead of their competitors.
