How can a company reduce the threat of substitute products or services?
A)Market the product to less than ten customers.
B)Ignore competitive forces.
C)By increasing switching costs.
D)Offer less value making the product far more generic and similar to the competition.

Question

Quizplus · Accepted Answer

By increasing the switching costs, a company can make it difficult for customers to switch to substitute products or services. This can be done by adding extra features or benefits that make the product or service unique or by creating loyalty programs that offer incentives to stay with the company.

How Can a Company Reduce the Threat of Substitute Products