List Some Differentiation Strategies Retailers Can Use to Compete Successfully

question 51

Essay

List some differentiation strategies retailers can use to compete successfully in the market.

---

Definitions:

Normal Good

A good for which demand increases when consumer income rises, and decreases when consumer income falls.

Inferior Good

A type of good for which demand decreases as the income of consumers increases, and vice versa.

Complementary Goods

Products or services that are typically consumed together, where the increase in demand for one leads to an increase in demand for the other.

Substitute Goods

Products or services that can be used in place of each other, where the increase in the price of one leads to an increase in demand for the other.