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

Managerial economic, gap between economic theory and business practice

gap between economic theory and business practice

CASE LET, is indian companies running a risk by not giving attention to cos...

is indian companies running a risk by not giving attention to cost cutting?

Proportion of market supplied - determinants of demand, Q. Proportion of Ma...

Q. Proportion of Market Supplied - Determinants of Demand? Price elasticity of market demand moreover relies on the proportion of market supplied at the determined price. If le

Discuss the impact of conflict in an organization, Question 1: Explain ...

Question 1: Explain the central theme of Scientific Management. Do you think that the scientific management enhances productivity in the organization? Give your arguments.

Price discrimination, Let there be two consumers A and B, each buying at mo...

Let there be two consumers A and B, each buying at most two units of a good. A values having one unit at £10 and having two units at £12 whereas B values having one unit at £8 and

State about production theory, State about Production theory Production...

State about Production theory Production theory assists in determining the size of firm and level of production. It clarifies the relationship between marginal and average cost

Cost of production and efficiency in long-run equilibrium, What are the con...

What are the conclusions about the cost of production and efficiency in the long-run equilibrium of a perfectly competitive industry? Three conclusions regarding the cost of pr

Concept of economies of scale, Q. Concept of economies of scale? Econom...

Q. Concept of economies of scale? Economies of scale refers to the cost advantages that a business attains because of expansion. 'Economies of scale' is a long run concept and

Measurement of inflation, Measurement of Inflation The rate of inflati...

Measurement of Inflation The rate of inflation is measured using the Retail Price Index.  A retail Price Index aims to measure the change in the average price of a basket of g

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