____ - When a successful product is introduced, ____ organisations will often respond by trying to ____ it by quickly producing ____ alternative ____ which will affect the ____ of the existing company. Companies may start a ____ war in order to gain ____ or increase market ____. A price war happens when companies ____ for ____ by dropping their ____ below the rate of their ____. Price wars mean that customers get the goods and services they want at ____ prices but if prices drop so low then none of the ____ companies can make much of a ____ on the goods. Loss Leaders - Supermarkets have a competitive advantage over smaller grocery stores as they are able to offer loss ____ to ____ customers. This is when goods or services are ____ and sold at below ____ price. Its purpose is to attract customers into the supermarket on the assumption that they will go on to ____ other products at ____ price. Large supermarkets are able to deal with these ____ because they are small amounts compared to the business’s overall ____. A small ____ may struggle to balance additional costs like this. Product differentiation - Businesses can become more ____ by making products that ____ out from the competition in terms of price, ____ or service. Methods of creating product ____ include ____ a strong ____ image for a good or service and making the ____ ____ point of a good or service clear such as a product having a better location, design, appearance or price than ____

2. Competitive

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