Price Competition (Noun)
Meaning
Intense competition in which competitors cut retail prices to gain business.
Classification
Nouns denoting relations between people or things or ideas.
Examples
- In a bid to attract more customers, stores engaged in fierce price competition, constantly slashing prices and creating promotions.
- The rise of e-commerce led to intense price competition, forcing brick-and-mortar retailers to adapt to the changing market.
- Price competition between airlines drove ticket prices down, making air travel more affordable for the masses.
- The high level of price competition in the clothing sector made it challenging for small businesses to thrive and compete with larger retailers.
- The store's inability to compete in price competition with its bigger rivals resulted in its eventual closure.