price war
Noun: - Intense competition in which competitors cut retail prices to gain business: A "price war" refers to a period of fierce rivalry between businesses, typically in the same market, where each repeatedly lowers its prices, often below cost, in an attempt to undercut competitors and attract customers.
A "price war" is used to describe a specific, aggressive competitive strategy in economics and business. It is a common term in discussions about market competition, retail, and corporate strategy. - It often results from one company initiating a significant price cut, forcing rivals to respond similarly to avoid losing market share. - The term implies a sustained, back-and-forth series of price reductions. - Price wars can benefit consumers in the short term but may harm businesses and reduce market diversity in the long term.
- "to be locked in a price war": To be deeply engaged in a sustained period of competitive price-cutting.
- The two companies are locked in a bitter price war that analysts say is unsustainable.
- "to trigger/spark a price war": To start a price war.
- The new competitor's low pricing strategy could spark a price war.
- Price cutting (n): The act of reducing prices. This is a general action, while a "price war" describes the ongoing competitive situation resulting from repeated price cutting.
- Competitive pricing (n): A broader strategy of setting prices based on what competitors charge, not necessarily implying a destructive "war."
- Rate war: Often used in specific contexts like insurance or telecommunications.
- Cut-throat competition: A more general idiom describing intensely fierce and potentially destructive rivalry, which can include but is not limited to price competition.
- Race to the bottom: This idiom describes a situation where competition, often through lowering prices or standards, drives all participants toward a lower, less desirable state. A "price war" is a classic example of a race to the bottom in pricing.
- The constant discounting started a race to the bottom that hurt the entire industry.
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intense competition in which competitors cut retail prices to gain business
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