When Completing a Literature Review, Why Is It Beneficial to Be

question 31

Essay

When completing a literature review, why is it beneficial to be familiar with the existing literature in a topic? State three benefits.

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Definitions:

Efficiently

Performing or operating in the best possible manner with the least waste of time and effort.

Product Differentiation

Identifying unique features of a product or service to make it more attractive to a specified segment of the market.

Elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in price, income, or other factors.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, typically downward sloping, reflecting the inverse relationship between price and demand.