In the late-'70s, we were able to make money without charging full list price- it was an unspoken rule that nobody would dump their prices because nobody wins when that happens- EVERY dealer had a service department and SERVICE was the thing we all used to make ourselves valuable to customers. If someone came in and asked about a brand we didn't sell, and we all tried to offer brands that the others didn't have, we would counter their objections with facts (well, most of us did, anyway) and that required us to sell ourselves as better than the others. Then, mail order came in and it put a stone in our shoe and eventually, a four-store chain from Madison started coming into our market to have big weekend-long sales at State Fair Park, in one of the buildings. They brought stacks and stacks of equipment, created a buying frenzy and lied their butts off, telling people they could get their stuff serviced anywhere. That wasn't true because most of us, being one store operations, were considered 'self-servicing', which means we serviced what we sold and weren't actually required to service items sold by other dealers unless we wanted to. We usually did warranty work if someone had moved to the area, but because they were basically selling at lower prices in order to get the quick money without needing to do most of the service, they were effectively dumping those customers on us. All we could think of saying was "THANK YOU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" The first time, we noticed that business slowed and the next time, after we had seen that they weren't really offering what they said they were WRT great prices and deals, we told people we could match their prices AND we would service the goods on-site without forcing them to drive 90 miles. AND, we offered our own 5 years parts/3 years labor warranty on a system with an amplifier, speakers or headphones and a source (could be a tape deck or turntable). Our sales volume went through the roof. Then, the owner of the store where I worked got together with the owner of a store that sold mostly video and they decided to have our own sale, IN THE SAME BUILDING. People actually thanked us for doing it, so they didn't have to go to Madison for service. That was 1982 and it was fun to be in the business. Then, the Walkman's popularity grew to an extreme and the photographic stores in larger cities started bringing gray goods into the country and that caused problems for a while before the manufacturers started to put a sticker on the package with the destination E for Europe, U for US, J for Japan, etc and not honoring the warranty for items bound for other countries. If someone had moved to a different country, we could call for approval.
Then, people started to buy only based on price because the internet gave them all of the info they needed, whether they understood it, or not. They bitched about service, but then they did the same when the manufacturers started to demand that dealers and users send everything to them for service/replacement and only authorize regional service centers.