The video mentions how firms compete on price point, store design, and the product itself. these are all elements of a firmâs:

Marketing mix

Explanation:

The marketing mix is a combination of product, price, place, and promotion. The marketing mix is also called 4Ps. These factors determine the marketing strategy through which they get to know their position in the market.  

The price is the value which is given to the customers

The product is the item which is to be shown to the customers

The place is the location in which the product is sold to the customers

And the last is a promotion in which the product is communicated to the end numbers of people either by word of mouth, by adverting, etc

1. avoid them

2. a talk with them

3. ask someone you trust

4. ignore

5. call police

answer; decentralized;