Pricing product services
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Some products and services are widely perceived as commodities. Still some companies build sustainable product advantages for even those products. How do they do it? Cite at least two examples
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Solution Summary
The solution examines pricing product services for commodities. The sustainable product advantages for the products are discussed.
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Let us first define what a commodity is: A commodity is something for which there is demand, but which is supplied without qualitative differentiation across a market. It is a product that is the same no matter who produces it, such as petroleum, notebook paper, or milk.
(Sullivan, arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 152)
However, there are basic commodities such as gas for your car. ...
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