What are examples of substitute products in markets?
An example of an AI chatbot conversation about substitute products in markets.
Can you give me some examples of substitute products in different markets?
Sure! In the beverage market, tea can be a substitute for coffee. In the automotive market, electric cars can substitute gasoline cars.
What about in the food industry?
In the food industry, almond milk can substitute cow's milk, and quinoa can be a substitute for rice.
Are there substitutes in technology?
Yes! In technology, tablets can substitute laptops for certain tasks, and streaming services can substitute traditional cable TV.
How do companies identify substitute products?
Companies often analyze consumer behavior, market trends, and competitor offerings to identify potential substitutes.
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