Examples of nonprice competition include touting a supermarket's loyalty discount cards, banking services, extended hours, self-checkouts and online shopping. A company may seek an advantage over another by marketing a product's longevity, convenience and workmanship over comparable products. In general, nonprice competition means marketing a company's brand and quality of products as opposed to lower prices.Know More
Nonprice competition entails two phases: one that implements new aspects of production or services and another that markets these changes to the public. As an example, reducing a product's packaging saves materials, weight and space on the shelf. One way to inform consumers of the change is to draw attention to lettering on the packaging that says "new packaging, same great product." Altering the package does not necessarily sacrifice quality or workmanship of a product, nor does it lower prices.
Several advantages to nonprice competition include higher quality products, better perception of the brand, newer product design, different products for varied demographics and improved sales tactics. When companies offer the same basic product, with few changes, separately for men and for women, potential sales increase. Newer sales tactics include social media posts, direct sales through manufacturers rather than stores and efficient forms of advertising online.
One disadvantage to nonprice competition is that consumers may not notice changes right away. Price changes occur right away and improve a consumer's bottom line.Learn more in Marketing & Sales
Some good examples of companies that co-brand are Fatburger and Buffalo's Cafe, Schlotzsky's and Cinnabon, Betty Crocker and Hershey's, Nike and Apple, and Vendante and 3M. Co-branding is a method used to boost market share while reducing financial risks for businesses involved in the partnership.Full Answer >
Examples of marketing tools include email marketing services, mobile apps and inbound marketing. With the right combination and use of marketing tools, small businesses stand a good chance of putting themselves on equal footing with larger businesses.Full Answer >
Achieving a certain volume of sales or a certain dollar amount are common sales goals in an organization. A salesperson might have a monthly target of $20,000 in product sales, for instance. In a car dealership, a sales representative may have a goal of selling 14 cars in a month.Full Answer >
An example of concentrated marketing is the marketing of Rolls Royce cars, which targets the premium car market segment. Another example is the 1950s marketing of Volkswagen cars in the United States, which targeted the economy car segment. Concentrated marketing typically requires limited resources and capability, as it rarely involves mass advertising.Full Answer >