The best response to competitors' price changes is to panic and lower prices in order to regain market share.

Question

Quizplus · Accepted Answer

Lowering prices should not be the only response to competitors' price changes. Other strategies could include improving product quality, enhancing customer service, or strengthening marketing efforts. Panicking and immediately lowering prices could lead to a price war, which could hurt both the company and the industry as a whole. It is important to carefully analyze the competitions' price changes and determine a strategic response that aligns with the company's goals and values.

The Best Response to Competitors' Price Changes Is to Panic