As consumers we purchase many different goods and services every week. Think of one good or service...

As consumers we purchase many different goods and services every week. Think of one good or service that you buy often, and the company that produces it (for example, furniture from ikea or veggies from local Farm) etc

Step 1: I want you to write the following information: 1. The specific product and the company that produces it; 2. The number of competitors the company faces for that particular good or service (list some by name if your can); and 3. Whether the good or service is virtually identical from one firm to the next, or at least slightly different ("differentiated").

(*************************** WRITE AT LEAST 150-200 WORDS********************************************)

Thank you in advance!

Expert Solution

1.The specific product and the company that produces it;

The product that we buy and often use is mobile phones. To be specific, we can talk about mobile phones produced by Apple Incorporation i.e., Apple iPhone. While to be specific we can consider Apple iPhone 11.

2. The number of competitors the company faces for that particular good or service (list some by name if you can);

The phones produced by Apple Incorporation faces direct competition from Samsung going by the fact that phones produced by Samsung are equally preferred by the customers because of their features, compatibility, and durability. The specific phone which is giving tough competition to Apple iPhone 11 is Samsung Galaxy S20

Besides Samsung, the phones produced by OnePlus i.e., OnePlus 8 Pro, Motorola i.e., Moto G8 and Google i.e., Pixel 4 XL also give tough competition to Apple iPhone 11 due to the variety and vibrancy of features offered by them in their respective phones at a relatively nominal price.

3. Whether the good or service is virtually identical from one firm to the next, or at least slightly different ("differentiated")

Apple iPhone 11 is not too much identical from its competitors considering its distinct shape, size, front camera, rear camera, face ID, touch ID, weight, screen size, storage, battery, resolution and operating system. The specifications of the phones mentioned in point 2 are quite differentiated in a sense that all the phones does have some unique features while some features may be identical.

Rahul Sunny answered 2 years ago

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