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

Paper money, Paper Money Due to the risk of theft, members of the publ...

Paper Money Due to the risk of theft, members of the public who owned such metal money would deposit them for safe keeping with goldsmiths and other reliable merchants who

Monopolistic practices, MONOPOLISTIC PRACTICES The following practices...

MONOPOLISTIC PRACTICES The following practices may be said to characterize monopolies. Exclusive dealing to supply and collective boycott Producers agree to supply onl

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

Explain the confidence interval, 1.  According to an article in San Luis Ob...

1.  According to an article in San Luis Obispo Tribune July 21, 2006 37% of the college freshman and 48% of the college seniors carry a credit balance from month to month. Suppose

Calculate maximize total revenue, A city has two newspapers. Demand for eit...

A city has two newspapers. Demand for either paper depends on its own price and the price of its rival. Demand functions for paper A & B respectively, measured in tens of thousands

Theory of consumer behavior, • Budget constraint, budget line, budget set, ...

• Budget constraint, budget line, budget set, Budget constraint is a very important concept in economics and is utilized even in advanced economic theory. Let the competent tutors

#Demand function.., Calculate point elasticity of demand for demand functio...

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

Explain the concept of demand function, Q. Explain the concept of demand fu...

Q. Explain the concept of demand function? Identical to the demand theory which pivots around the concept of demand function, theory of production revolves around the concept o

Analyse the equilibrium of a firm under perfect competition, We can analyse...

We can analyse the equilibrium of a firm under Perfect Competition in both the long run as well as in the short-run. SHORT RUN EQUILIBRIUM OF A FIRM UNDER PERFECT COMPETITION

Financial globalization and economic growth, Question 1: Either ‘Tod...

Question 1: Either ‘Today the business organizations are quite different from the traditional classical firm with a wide range of objectives.' Discuss the above statement

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