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Essay / Research Paper Abstract
This 3 page paper considered the number of product choices available in the U.S. consumer market and looks at whether these choices are necessary and whether the choices are good or bad. Issues such as market development, needs satisfaction, innovation and economic development are considered along with the problems such as wasted resources and opportunity costs. The bibliography cites 4 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEconvarc.rtf
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Unformatted sample text from the term paper:
of product categories. The countries often been criticized as being a consumer society; with too much choice which can result in inefficiencies in the way goods are provided, at times
it can increase the resources which are required to satisfy the needs and there is also the potential to escalate environmental and social costs. However, a broad variety of to
choice in consumer goods can also have positive impacts, enhancing lifestyles, empowering consumers and stimulating business. In order to determine whether or not a high level of choice in consumer
markets is positive or negative it is necessary to look at some of the underlying influences. The United States is a capitalist economy; the majority of markets has been liberalized
facilitating free-trade models. Therefore, with only a few exceptions, the majority of consumer goods which are produced in a wide variety of forms and choices need to be commercially viable
in order to survive. If the goods are not commercially viable, and will not sell, the company will withdraw them from the market. Therefore, the offering of a variety of
consumer goods may be seen as a market mechanism that can be used to determine what consumers want in order to increase efficiency within the market. The ability to offer
choice and differences can also be seen as a core foundation and the concept of competitive advantage for differentiation. Differentiation is achieved by company when it offers a product also
this which has characteristics or features which are different from others on the market, and for which consumers are prepared to pay a premium over and above the cost of
providing that feature or characteristic (Thompson, 2007). First mover advantages are a type of differentiation advantage. Therefore, the ability and desire to offer a full range of products can be
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