are offerings that differ from the goods and services provided by the competitors in an industry but that fill similar needs to what the industry offers. (p .90) supplier groups buyer groups substitutes vertical integration



Substitute

Explanation:

substitute goods are usually used in place of the original or the intended one. It is simply known to be a close replacement for one another just as price increase, demand for goods and services increases. A common examples of substitute goods are margarine and butter, turkey and chicken and others. In goods Substitution, the increase in price of one good increases demand for the other while the decline in price of one good will decrease demand for the other. That is if Coke price goes up, more people will likely to buy Pepsi. Substitute products as an offering product of different businesses or industries, is said to satisfy similar customer needs.