Buy custom Marginal utility theory, product differentiation, and revenue/profit maximization
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| Topic: |
Business
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| Number of pages / Number of words: |
6 / 1663 |
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The concept of product differentiation can be seen from many perspectives, but in this case we’ll be talking from the viewpoint where there is a non-price competition [3] ie. the consumer will be looking at features of the product itself apart from the price to decide where he’ll spend his money...
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the consumer will be looking at features of the product itself apart from the price to decide where he’ll spend his money.
In this case there are many factors that can drive the consumer to choose product A in favor of product B. Sloman and Sutcliffe consider that one of the ways to achieve this is by differentiating a product using one or more of the following areas: technical standards, quality standards, design characteristics and service characteristcs [4]...
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