Potential Development of Substitute Products Assignment Help
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In the field of business substitute goods of one thing are introduced to meet the same economic purposes. They are not the same thing but serve the same purposes. For example – pen and pencil is two different product; their manufacturers are different, their mechanism is different, their price is different, but they serve the same purpose. Both can be used for writing. Hence, they are a substitute to each other.It is another challenge for a business entity as per ‘Porter’s Five Forces Threats.’
As substitute goods provide more or less same service, it is another option for customers. And customers can choose any one of them as per their requirement and as per their pocket. So more substitutes you have more customer you have to lose. Hence, they act as competitors. For detail learning about its significant subject topic, to complete your assignment absolutely perfect, you must join our professional potential development of substitute products homework help.
Why do these emerge?
When the price of a good is increasing gradually in particular market then by force, few consumers stop purchasing that particular good as per their economic condition. But they cannot fulfill their requirement for that particular service hence, become unsatisfied and badly search for another product which can meet their requirement. Thus a substitute product emerges in the market.
How it becomes a challenge for the business entity?
Due to this product business entity has to face lots of problems such as –
- If the price of substitutes is lower, then the company has to reduce the price of its own goods by compromising with its profits to survive.
- It the quality of another is better than the other’s good need to be changed innovatively. And for this often company needs to spend extra cost which may be adjusted from its profits.
Lots of other challenges are there which are not mentioned here. But if you want a better learning in detail for doing a better homework you must login myhomeworkhelp.com for an authentic potential development of substitute products assignment help.
Types
Three different types of substitute exist in this economy. They are as mentioned below:
- Perfect substitute
- Net substitute
- Gross substitute
How can a business organization avoid these?
Emerge from substitute and its tough competition with the master product can be avoided if the company can follow few strategies carefully. They are discussed below:
- Try to know the customer review about the product.
- Try to realize why customers are searching for an alternative.
- Try to rectify the problems to detain your customers.
- Do a random market survey to identify the substitutive goods.
- Making a counter strategy and necessary actions.
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