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 ?
Six key areas or forces to consider in an industry analysis are: barriers to entry, rivalry among existing competitors, substitute products, complementors, supplier power, and buyer power.
Substitute products included the use of deferred variable annuities converted to annuitization.
Economic structure of the industry (ability of new companies to enter it; risks of substitute products and services; resource availability, including supplier dominance; customer dominance and competitiveness)
However, availability of substitute products, such as egg white and fats containing trans-fatty acids (TFA), may hinder the growth of the market during the forecast period.
This result was mainly due to the increased production of chicken meat, which increased by 3% (in Lima, Ica and La Libertad), due to higher demand and high prices of substitute products, such as beef and fish (horse mackerel and bonito).
Bonesupport provides innovative injectable bio-ceramic bone substitute products to treat bone voids caused by trauma, infection, disease or related surgery based on its unique CERAMENT platform.
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.
In this respect, it is also worth mentioning the first appearance of meat substitute products based on insect meat becoming available in Belgium.
Israeli food producer Osem Investments (TLV:OSEM) said Tuesday it will take full control of vegetarian and meat substitute products maker Tivall after agreeing with its kibbutz owners to buy the remaining 42% of it for ILS468.5m (USD129m/EUR95m).
The ratings reflect the company's 30-year experience, established position in the asbestos industry in eastern India, rising demand for asbestos sheets from rural market, diversified customer base, lack of cost effective substitute products and improvement in its financial position in fiscal 2009.
MEPs insisted that legislative proposals be rapidly tabled in the following areas: the introduction of limit values for combustion installations, the application of mandatory anti-pollution measures at crematoria, a ban on primary mercury exports from 2010, the secure storage of surplus mercury, the control and processing of dental amalgam waste, limits on the use of mercury in dental amalgam (particularly since substitute products are available), a ban on the use of mercury in monitoring equipment where reliable alternative solutions exist.
Regarding details, MEPs believe substitute products exist in certain cases where exemptions are nevertheless envisaged.