"Do you think price is always an important role? Or does it sometimes not matter? How important is it for a company to scout out competitor's prices and adjust as needed?
I believe price is a very important component to a company. It tends to be the main driver to the overall success of a company. Many consumers, especially in today's economy are looking for the lowest prices with any product they purchase. For example, if a consumer sees that Hannaford's is selling a jar of peanut butter for $4, but is a loyal customer at Shaw's where the peanut butter is $5.50, the consumer may begin to think that products at Shaw's may be overpriced. Therefore, it is important for a company to check out the competitor's prices, that way they can either match the competitors or lower their prices. I personally always look for the lowest prices, especially when it comes to products in the grocery store. Price is something that affects any consumer, therefore it should be one of their main concerns when purchasing a product. When buying a product of more value, such as a car, the consumer is most likely going to shop around and learn about the features being offered for a variety of cars. People want the most for their money, because money is such a scarce asset these days.
Do you think companies such as Shaw's and Hannaford's should put into effect the "matching" rule, where they match the competitor's prices? Or do you believe that will have a negative effect on the overall profit?
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