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How important is product differentiation in a monopolistic market?

How important is product differentiation in a monopolistic market?

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Answer #1

Product differentiation means manufacturating of product with an independent Identity.In current time its very become important for a product to have its own identity because there are high competition and close substitue are available.In monopolistic market availability of close substitute is also one of the big feature.hence each brand of a producf is differentiated by users.

There may be different type of product differentiation

Like differentiation based upon brand name.some product is known for its brand.differentiation can be based upon product size structure.it can be based upon what the special design product have.some product is also famous for colour .it also depend upon after sale services. This all method help business to acquiring loyalty.Loyalty help a lot for maintaining monopoly power in the market.so loyal firm charged higher price for getting margin.

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