Commoditize

What is the primary factor that distinguishes commodities in the market?

• Customer service

• Packaging

• Price

• Brand reputation

How might a firm attempt to differentiate its product in a commoditized market?

• By improving customer service

• By offering a wider range of colors

• By charging a higher price to suggest exclusivity

• By increasing the product size

What is a natural outcome in a competitive marketplace according to the video?

• Commoditization

• More product recalls

• Increased advertising

• Higher customer loyalty

What can disrupt the process of commoditization in the market?

• A new advertising campaign

• An increase in market regulations

• A decrease in production costs

• A technological change or shift in customer preferences

What happens to new products in the market over time due to competition?

• They become less popular

• They become more commoditized

• They become more expensive

• They become more unique