reduce price competition by eliminating comparisonsThis is the fourth of 10 ‘BEST OF THOUGHTS’ from the more than 200 THOUGHTS published in 2018.Competing on price has long been a characteristic of commodity marketing. It is now becoming increasingly common for brands. Despite this trend, most businesses would prefer not to compete on price and research […]

reduce price competition by eliminating comparisonsThis is the fourth of 10 ‘BEST OF THOUGHTS’ from the more than 200 THOUGHTS published in 2018.Competing on price has long been a characteristic of commodity marketing. It is now becoming increasingly common for brands. Despite this trend, most businesses would prefer not to compete on price and research suggests that it is often unnecessary. Jeff Bezos, CEO of Amazon, suggests that the best way to avoid the focus on price is to understand the customer and to use that understanding to drive brand loyalty. This THOUGHT considers strategies that might be implemented to avoid competing on price.Consider the prices and performance capabilities of these vehicles: Holden HSV V8 Performance    0 – 100 kms in 4.4 secondsPrice                     $92,900Nissan GTR Nismo Performance    0 – 100 kms in 3.28 secondsPrice                     $299,000Lamborghini Huracan LP580 – 2 Performance    0 – 100 kms in…