Discuss how consumers utilize substitutes that are available in the marketplace.
Discuss how consumers utilize substitutes that are available in the marketplace.
Homework Answers
- Substitute products provide customers with many choices that helps them in making purchase decisions quickly and easily.
- We know that substitute goods are those goods that can be easily replaced with other products due to their similar characteristics.
- If many substitutes of any good are available in the marketplace, the customers make purchasing decisions very carefully.
- They first analyse each of these substitutes based on their quality, price and ease of availablity before they buy a good.
- If the price of any good which they wish to purchase is very high, they will turn towards a least costly substitute.
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