Product competition can best be described as a level of competition in which:
A) products are very similar, offering the same benefits, features and price to the same target market.
B) consumers have limited ways to meet their product needs.
C) products have the same price but offer different benefits.
D) products are broadly similar, but offer different benefits, features and prices to distinguish them.
E) consumers must make choices about which products to consume and which to forgo, as they have limited financial resources.

Question

Quizplus · Accepted Answer

understand the importance of the different micro-environmental factors. Product competition occurs when some products are broadly similar, but have different benefits, features and prices that distinguish them from competing products. For example, soft drinks, water, alcohol, coffee and juice are all beverages that people could purchase to drink.

Product Competition Can Best Be Described as a Level of Competition