New! PrivateView
Beta
A substitute, or substitute good, ... meaning demand is not highly sensitive to price. ... Harvard Business Review, March-April 1979, pp. 137-145.
Copied 
See Cached Version
Your search and this result
- The search term appears in the result: substitute meaning in business
- 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
BetaWhether through complements or substitutes, the right business strategy can rapidly make an impact. If you’re interested in learning how business strategy can help you and your company adapt, here’s an overview of what complements and substitutes are, how they can benefit your organization, and why you should use them in your business model.
Copied
See Cached Version
Your search and this result
- The search term appears in the result: substitute meaning in business
- 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: substitute meaning in business
- 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
Beta20 examples of substitute goods and services Here are 20 examples of substitute goods and services: 1. Butter and margarine Customers who purchase butter may use margarine as a substitute in cooking and baking. If the price of butter rises, the demand for it may decrease, while the demand for margarine may increase.
Copied
See Cached Version
Your search and this result
- The search term appears in the result: substitute meaning in business
- 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
BetaThe numerical value of XED with a positive sign shows the strength of substitutes. A lower positive cross elasticity of demand means weak substitutes while a higher positive value means strong or close substitutes. Types of Substitute Goods. The following are some types of substitute goods, which are explained below: Brand Substitutes
Copied
See Cached Version
Your search and this result
- The search term appears in the result: substitute meaning in business
- 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
BetaHowever, from a company’s perspective, substitute products create a rivalry. As a result, businesses may incur high marketing and promotional costs when competing for market share, which, in turn, reduces operating profits. Some companies are even put out of business due to substitute products significantly outperforming their own offerings.
Copied
See Cached Version
Your search and this result
- The search term appears in the result: substitute meaning in business
- 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. Substitute goods are two alternative goods that could be used for the same purpose. They are goods that are in competitive demand A rise in the prices of Good S will lead to a contraction in demand for Good S This might then cause some consumers to switch to a rival product Good T
Copied
See Cached Version
Your search and this result
- The search term appears in the result: substitute meaning in business
- 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
BetaWhen the price of one product rises, the demand for its substitute often increases. Examples of substitute goods include currency, competing soda brands, and alternative transportation methods. Substitutes can be perfect or less perfect, depending on consumer perception. In different market structures, the role and impact of substitutes vary.
Copied
See Cached Version
Your search and this result
- The search term appears in the result: substitute meaning in business
- 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
BetaPublished Oct 26, 2023Definition of Substitute A substitute, in economics, refers to a good or service that can be used as a replacement for another good or service. In other words, substitutes are products that satisfy similar needs or wants of consumers. When the price of one good increases, the […]
Copied
See Cached Version
Your search and this result
- The search term appears in the result: substitute meaning in business
- 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
BetaDefinition: a Substitute is in consumer theory and business strategy another product or service that can be used for the same purpose by the consumers and take the place of an existing one. Substitution can happen to a certain degree or completely ("perfect substitution"). A substitute good is a good with a positive cross elasticity of demand.
Copied
See Cached Version
Your search and this result
- The search term appears in the result: substitute meaning in business
- 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)
