Business Finance
ECON601 GCU Product Differentiation in A Competitive Market Discussion

ECON601

Grand Canyon University

Question Description

1.i n a perfectly competitive market where there is virtually no product differentiation, what do you think are the priorities or focus of a firm? How could a firm increase profits?


2.Explain a situation you have observed (or read about) in which a firm made a decision considering irrelevant costs or did not consider relevant costs. What was the outcome of the decision, and what could have been done differently?

Final Answer

Attached.

Answers

1. In a perfectly competitive market where there is virtually no product differentiation,
what do you think are the priorities or focus of a firm? How could a firm increase profits?
In a perfectly competitive market where there is no product differentiation, the major focus of
business entities is improving the quality of the products they offer to their customers through
innovation (Stummer, Kiesling, Günther & Vetschera, 2015). The quality of a product increases
its value hence once a customer purchases them they can g...

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