How do consumers choose between substitutes?

What factors influence consumers when choosing between substitute products?

Consumers often consider price, quality, brand reputation, and availability when choosing substitutes.

How does brand loyalty affect their choices?

Brand loyalty can lead consumers to prefer a familiar brand over a cheaper or potentially better substitute.

Are there any psychological factors at play?

Yes, psychological factors like perceived value and emotional attachment can significantly influence choices.

Can you give examples of substitutes in everyday products?

Sure! For example, consumers might choose between Coke and Pepsi, or between butter and margarine.