Facts Affecting Competition from Substitute Products

Question

What are the Facts Affecting Competition from Substitute Products?

Answer 1

The Facts Affecting Competition from Substitute Products, given factors affecting the power of the competitive pressures from substitute products and signs that point out substitutes are a powerful competitive force.

The availability of substitutes inevitably invites consumers to compare features, performance, ease of use, and other attributes also a price. The strength of competition from substitutes is considerably influenced by how costly or difficult it is for the industry’s consumers to switch to a substitute.