New! PrivateView
Beta
For example, a customer may substitute oil for butter. Understanding substitute products can help you choose which products to offer and which products can help your company retain customers as the market fluctuates. In this article, we discuss what substitute goods are, and we explore 20 examples of substitute goods and services.
Copied 
See Cached Version
Your search and this result
- The search term appears in the result: example of a substitute product
- The website matches one or more of your search terms
- Other websites that include your search terms link to this result
- The result is in English (Singapore)
New! PrivateView
BetaSubstitute goods are identical, similar, or comparable to another product, in the eyes of the consumer. Substitute goods can either fully or partly satisfy the same needs of the customers. Therefore, they can replace one another, so the consumer believes. Pepsi-Cola is a substitute good for Coca-Cola, and vice-versa.
Copied
See Cached Version
Your search and this result
- The search term appears in the result: example of a substitute product
- The website matches one or more of your search terms
- Other websites that include your search terms link to this result
- The result is in English (Singapore)
New! PrivateView
BetaDirect substitute goods have a characteristic known as high cross-elasticity of demand. This means that two products can be easily interchanged. For example, there may be a branded bag of flour and an own-branded one. Customers’ preferences may be heavily influenced by any changes in variables, particularly price.
Copied
See Cached Version
Your search and this result
- The search term appears in the result: example of a substitute product
- The website matches one or more of your search terms
- Other websites that include your search terms link to this result
- The result is in English (Singapore)
New! PrivateView
BetaTypes of Substitute Products. There are two types of substitute goods: direct and indirect. Belonging to any of the groups depends on the degree of correlation between the products. If an item can be easily replaced by another one, it's a direct substitute. It means that this product can solve similar problems.
Copied
See Cached Version
Your search and this result
- The search term appears in the result: example of a substitute product
- The website matches one or more of your search terms
- Other websites that include your search terms link to this result
- The result is in English (Singapore)
New! PrivateView
BetaSubstitute products and services are the ones that give the same service, look and feel as the original. ... Undoubtedly, the best example of substituted products is the biggest rivalry of the 19th century – Coke and Pepsi. However, if the available factors are distorted, ...
Copied
See Cached Version
Your search and this result
- The search term appears in the result: example of a substitute product
- The website matches one or more of your search terms
- Other websites that include your search terms link to this result
- The result is in English (Singapore)
New! PrivateView
BetaSubstitute goods are two products or services that fulfill the same customer need. When two goods are substitutes, purchases of one reduces demand for the other. ... For example, an internet service may be viewed as a substitute for cable TV services. Indirect Substitution
Copied
See Cached Version
Your search and this result
- The search term appears in the result: example of a substitute product
- The website matches one or more of your search terms
- Other websites that include your search terms link to this result
- The result is in English (Singapore)
New! PrivateView
BetaSubstitutes or substitute goods refer to the products that are used as alternatives to each other. ... For example, if a person does not like the taste of coffee or the price of coffee is high, the person might use tea as an alternative; hence, tea and coffee are substitutes.
Copied
See Cached Version
Your search and this result
- The search term appears in the result: example of a substitute product
- The website matches one or more of your search terms
- Other websites that include your search terms link to this result
- The result is in English (Singapore)
New! PrivateView
BetaAdditionally, the availability of substitute goods can influence consumer choices. Consumers may turn to substitute goods if a preferred product is out of stock or difficult to find. Examples of Substitute Goods in the Market. A few Classic example of substitute goods include:
Copied
See Cached Version
Your search and this result
- The search term appears in the result: example of a substitute product
- The website matches one or more of your search terms
- Other websites that include your search terms link to this result
- The result is in English (Singapore)
New! PrivateView
BetaSome products are more amenable to substitute than others. For example, substituting a Fuji apple for a Gala apple is a better substitute than substituting a Fuji apple for a banana, and a pork ...
Copied
See Cached Version
Your search and this result
- The search term appears in the result: example of a substitute product
- The website matches one or more of your search terms
- Other websites that include your search terms link to this result
- The result is in English (Singapore)
New! PrivateView
BetaSubstitute goods refer to two or more goods that meet similar needs, so they become alternatives to each other. For example, Coca-Cola is a close substitute for Pepsi. Because it is an alternative, consumers switch to their substitutes when the price of an item rises. Rising the Coca-Cola price will encourage some people to turn to Pepsi.
Copied
See Cached Version
Your search and this result
- The search term appears in the result: example of a substitute product
- The website matches one or more of your search terms
- Other websites that include your search terms link to this result
- The result is in English (Singapore)
