Not long ago, companies believed they could compete on price.  Empires were built on the ability to squeeze savings out of production and efficiency out of employees. Companies like Walmart became synonymous with “low cost,” while offering minimal (sometimes sub-optimal) service, and similar concepts began to crop up in other consumer-facing industries. Amazon cut prices within e-commerce, Costco rolled out the warehouse model, and RyanAir started offering no-frill flying options. This worked. For a while. But with the proliferation of…