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Business strategy
Importance of selling a product substitute products.
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[QUOTE="Phantasm, post: 344322, member: 94599"] Why it is important for firms to sell substitution commodities? It offers consumer choice, leading to preference in the selection of products within budgets. It also permits market segmentation thereby enabling companies to exploit differentiated marketing strategies. Diversification of the product portfolio by selling substitute goods reduces reliance on a single product or market segment. This way, companies can maintain their differentiation and unique value proposition in relation to competition. In addition, it fosters innovation and flexibility while enhancing revenue generation through outwardly directed approaches that embrace new markets as well as encourage adaptability to ongoing changes. Lastly, it mitigates the threat of obsolescence or shifts in consumer demand patterns. Overall, Sale of alternative products helps businesses stay competitive and remain adaptable to customer demands and changing market conditions. [/QUOTE]
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