Product differentiation, Managerial Economics

Assignment Help:

PRODUCT DIFFERENTIATION 

Product differentiation describes a situation in which there is a single product being manufactured by several suppliers, and the product of each supplier is basically the same.  However, the suppliers try to create differences between their own product and the products of their rivals.  It can be achieved through quality of service, after sales service, delivery dates, performance, reliability, branding, packaging, advertising or in some cases the differences may be more in the minds of the customers rather than real differences, but a successful advertising can create a belief that a service or product is better than others and thus enable one firm to sell more and at higher price than its competitors.


Related Discussions:- Product differentiation

Marris Model, Explaination of the Marris Model

Explaination of the Marris Model

Managerial Economics, Calculate point elasticity of demand for demand funct...

Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2

Demand forecasting, how sample size technique is helpful in demand forecast...

how sample size technique is helpful in demand forecasting of a particular product?

Difficulties in measuring national income, SOME DIFFICULTIES IN MEASURING N...

SOME DIFFICULTIES IN MEASURING NATIONAL INCOME National Income Accounting is beset with several difficulties. These are: a.       What goods and services to include A

Investment, Investment   Investment is the process of increasing the ...

Investment   Investment is the process of increasing the productive capital stock of a country, or can be defined as the production of goods not for immediate consumption.  T

Income elasticity of different consumer goods, Income Elasticity of differe...

Income Elasticity of different consumer goods Commodities Coefficient of income elasticity Impact on expenditure Necessities

Effects of delegating monetary policy, Question: (a) Under what condit...

Question: (a) Under what conditions would a central bank be considered independent. (b) Discuss the effects of delegating monetary policy making to an independent agent on

What wage will the firm pay, A firm faces a perfectly elastic demand for it...

A firm faces a perfectly elastic demand for its output at a price of $6 per unit of output. The firm, Though, faces an upward-sloped labor supply curve of          E= 20w-120 W

How hospital use concept of managerial economics, How Hospital administrato...

How Hospital administrator use concept of managerial economics Hospital administrator can use tools and concepts of managerial economics to determine the optimal allocation of

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd