In the competitive world of business, price wars, despite their initial appeal, are rightly seen as a race to the bottom.
When competitors are engaged in a downward spiral to offer the lowest prices, it can be demoralizing for businesses, leading to diminished profit margins, eroded brand value, as well as strained customer relationships.
When marketers find themselves caught in a saturated market, and are tricked into believing that the lowest price is the only differentiating feature, they can become blinded to the unique selling points (USPs) of their own products or services. As a result, marketers will find themselves grappling with a unique set of challenges.
