substitute products

substitute products

any GOODS or SERVICES that are considered to be economically interchangeable by buyers. For example, if an increase in the price of coffee causes buyers to switch away from it and buy a greater quantity of tea, these two goods can be regarded as substitutes for one another.

The CROSS-ELASTICITY OF DEMAND between two products serves as a measure of the degree of substitutability between them; products that are close substitutes have a high cross-elasticity, while products that are poor substitutes have a low cross-elasticity See COMPLEMENTARY PRODUCTS.

References in periodicals archive ?
Cerapedics") a privately-held orthobiologics company engaged in the development and commercialization of bone graft substitute products for the treatment of orthopedic injuries.
Stratatech engages in the development and commercialisation of cell-based and tissue-engineered skin substitute products for therapeutic and research applications.
Ireland-based Mallinckrodt Pharmaceuticals, a speciality pharmaceuticals manufacturer, has signed a merger agreement with Stratatech, a privately held regenerative medicine company focused on the development of unique, proprietary skin substitute products, it was reported yesterday.
Meat substitute products are not necessarily a part of a vegetarian diet, but according to industry sources, the growth in vegetarian food interest and sales of meat substitutes are correlated.
However, factors such as availability of low cost, substitute products and solutions are the factors that are restraining the growth of this market.
Joo Kean, a legal specialist from the International Code Documentation Centre in Malaysia told Gulf News: "The code was adopted by WHO in 1981 to protect babies and mothers from unethical marketing practices; it is also meant to protect mothers who are cornered by big companies through gifts and endorsements in attempt to promote breast-milk substitute products over breast milk.
The substitute products have been presented to the market for years and they're known to the customers.
But the company's exposure to intense competition from sector players and substitute products such as ductile iron pipe and mild steel pipe, as well as its weak financial risk profile are weakening the ratings.
Elsewhere, I called for prompt and flexible responses to matters, such as early restoration (of flooded areas) as requested by businesses and other parties from my country; and furthermore, for instance, waiving duties on imported substitute products for equipment damaged by the flooding this time, or the procedure for temporary employment of Thai workers overseas to produce substitute products, though Japan is already accommodating some, or immigration and employment procedures for support personnel from Japan; and in this context, I have been told that maximum efforts will be made.
The policy bars tobacco and tobacco substitute products on all campus premises, leased property and college-owned vehicles.
However, manufacturers will have to be careful not to put consumers off with overly artificial substitute products.
Porter identifies five forces that shape an industry: (1) rivalry among existing competitors, (2) threat of new entrants, (3) bargaining power of suppliers, (4) bargaining power of buyers, and (5) the threat of substitute products (Porter, 2008).