2.2.3 Types of non-price competition

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5 Terms

1
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What is product differentiation?

Making a product stand out from competitors using branding, packaging, advertising, and placement; can shift demand right or make demand more inelastic.

2
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How does advertising affect demand?

Can increase demand, equilibrium price, and quantity; may be ineffective for some firms, creating sunk costs.

3
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What is the effect of brand loyalty?

Increases consumer loyalty, makes demand more price inelastic, and can increase market share.

4
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How can distribution methods affect demand?

Efficient distribution can make demand more price inelastic, allowing higher prices without losing revenue.

5
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What factors influence marketing strategies?

Nature of the product, consumer preferences, and type of market.