Product Position Is the Way a Product Is Defined by ________

question 62

Short Answer

Product position is the way a product is defined by ________ on important attributes.

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Definitions:

Highly Inelastic

A situation in which demand or supply changes very little in response to large changes in price, often applicable to essential or unique goods and services.

Herfindahl Index

An economic indicator used to measure the size of companies in relation to the industry and the level of competition among them.

Barriers to Entry

Obstacles that make it difficult for new competitors to enter a market, including high start-up costs, strict regulations, and established brand loyalty.