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

Define aunifying and omniscient theme, Define Aunifying and omniscient them...

Define Aunifying and omniscient theme Aunifying and omniscient theme found in managerial economics is the attempt to achieve optimal results from business decisions whereas tak

High level of supervision, Let consider the following game among an employe...

Let consider the following game among an employer (Katharine) and an employee (Kevin). Katharine needs Kevin to work hard rather than loaf around and  that is why she considers spe

Help w/ Question, You have opened your own word processing service. You hav...

You have opened your own word processing service. You have already bought a special computer needed for word processing and paid $5,000 for it. However, due to the cost changes in

Nature of commodity and income elasticity, For all regular goods, income el...

For all regular goods, income elasticity is positive though the degree of elasticity fluctuates as per the nature of commodities. Consumer goods are generally categorised under thr

Explain about smooth convex isoquant, Q. Explain about Smooth Convex Isoqua...

Q. Explain about Smooth Convex Isoquant? Smooth Convex Isoquant: This kind of isoquant presumes continuous substitutability of capital and labour over a certain range, beyond

Short-run and long-run, 1. Explain the industry and describe the general pa...

1. Explain the industry and describe the general pattern of change of the particular market model. 2. Hypothesize the basic short-run and long-run behaviours of the model in the

Public expenditure, PUBLIC EXPENDITURE The accounts of the central gov...

PUBLIC EXPENDITURE The accounts of the central government are centered on two funds, the Consolidated Fund, which handles the revenues form taxation and other miscellaneous re

Utility analysis or cardinal approach, Utility Analysis or Cardinal Approac...

Utility Analysis or Cardinal Approach: The Cardinal Approach to the theory of consumer behavior is based upon the concept of utility. It assumes that utility is capable of meas

Organization for economic development (oecd), Organization for Economic...

Organization for Economic Development (OECD) An international organization found in Paris France in 1961, to act as a worldwide forum to stimulate world trade and

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