It may be useful to begin by presenting a broad summary of the evidence gathered. As will have become clear in the previous section not all decisions can be classified precisely. Where individual products or subsidiaries were treated or acted in different ways no classification of the firm as a whole is possible. (This problem would be present even had the product been taken as the unit of decision, because often price moves differently in different markets, especially when exchange rates do not move uniformly against the pound.) Nevertheless for those firms for which classification was possible, the responses were divided into ‘competitive’ and ‘non-competitive’ decisions (as defined in Chapter 2). The competitive firms were those that deliberately used devaluation in order to ‘go for volume’, rather than to maximise gains in profit margins. This category has been set up to include all firms that opted to use price-cutting as a device for raising demand, so the distinction becomes slightly blurred in the cases of firms cutting prices by about a third of the amount of the devaluation.
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- General Observations on the Evidence Obtained
Peter M. Holmes
- Palgrave Macmillan UK
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