A competitor launches a similar product with additional features. How would you leverage your product knowledge to maintain market competitiveness?
- Highlight the unique selling points of your product and emphasize its superiority over the competitor's.
- Ignore the competitor's product and focus on maintaining existing customer relationships.
- Lower the price of your product to undercut the competitor's offering.
- Offer discounts and promotions to attract customers away from the competitor.
Highlighting the unique selling points and superiority of your product demonstrates confidence and reassures customers about its value. Lowering the price may erode profit margins and undermine the perceived value of your product. Ignoring the competitor's product could result in loss of market share. While discounts and promotions can be effective, they should be strategic and not solely relied upon to compete.
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