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prada wallet for women other hand, this approach will land you in a price war, and there are no winners in a price war only survivors. Even if you manage to run your competitor out of business, chances are you may not have much of a business left when the battle is over.Luckily, it is possible to beat a lower priced competitor without crippling your profits. That's the good news. The bad news is that you'll need to make major operational changes, and you'll need to rethink how you communicate with customers. The changes required may not be for the faint of heart, but they're better than the alternatives. So gird your loins, corporate warriors; you're about to embark on one of the biggest strategy challenges you'll ever face.Select a Value Strategy.Goal: Lay the groundwork for repositioning your product.When customers prefer the lower priced of two items, it's usually because they believe the cheaper item is a better value. To compete, you need to get the customer to value your product more than the competition's regardless of the price. Yes, this is an option. The challenge is to do it without destroying your own profit margins. We'll explain how to do that in the next step. The big danger here is that you'll end up with a price war, so you must ensure that you have what it takes to be the last firm standing. Example: Dell underpriced PCs during the 1990s in order to grow market share.Build a uniquely superior product. Customers will pay more if they're convinced your product is demonstrably better than the competition. This superiority can be "rational" like a feature or function nobody else has, "emotional" like a reputation for being "cool", or a combination of both. Example: Car buyers pay more for Volvos because they're seen as safer than other cars.Create a hassle free experience. Customers will pay extra if your product is easier to buy and use than the competitor's. Example: Many shoppers happily pay more for the convenience of bagged lettuce, even though it is significantly more expensive than head lettuce.Take ownership of the customer's results. Customers will pay extra if, in addition to providing the product, you take responsibility for ensuring that it generates the results the