By F. Livesey (auth.)
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Again some caution should be exercised, since competitors may retaliate, with the result that a general fall in prices follows: a fall that may be difficult to reverse, given the heightened price-awareness. This is precisely what happened in the banking industry in Britain in the early 1970s. Following official encouragement to increased competition, and stimulated by vastly increased profits, the banks substantially reduced the price charged for various of their services, with persistent leapfrogging as each bank tried to underprice its rivals.
If consumers see price as an indicator of quality, a price-cut may be detrimental to sales. In other instances the rise in sales may not be sufficient to compensate for the lower price. Barback quotes a lace manufacturer to the effect that 'It is no good trying to create business by price changes. '9 (ii) The reactions of competitors will clearly affect the demand elasticity. These reactions may be influenced by, among other things, their views of demand elasticity, their liquidity position, the relative importance of price in their marketing mix, and whether they are aware of the initial price reduction.
2 This is probably due partly to the difficulties which consumers have in evaluating technical performance and partly to the importance of other forms of product differentiation such as styling and advertising. Styling As just indicated styling may be especially important in consumer durables, particularly where the product is conspicuous in use. In the car industry annual model changes, which often have more to do with changes in styling than in performance, are well established, especially in the United States.