non (prefix, non, \ nɑn \) price (noun, price, \ praɪs \) competition (noun, com-pe-ti-tion, \ ˌkɑːmpəˈtɪʃn \)
Definition: is a market status, in which competing companies don’t try to win over new customers by lowering their prices due to the danger of a price war. Instead, firms that compete over the same audience focus their marketing efforts on emphasizing the unique advantages and features of their products, advertising campaigns, etc. Non price competitions rarely occur in the free market system, since it’s usually built on a price to quantity basis.
In a Sentence:
- Our company strives to get into a non price competition and so bases its prices on objective factors and not on competitors.
- The creation of the non price competition was a result of an unofficial arrangement that none of the sellers would benefit from lowering their prices.
- Instead of starting a price war with our largest opponent in the area, we decided to follow a non price competition approach.
Synonyms and related words: competitive market, marketing strategy, price competition, advertising, brand management