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Definition: a Substitute is in consumer theory and business strategy another product or service that can be used for the same purpose by the consumers and take the place of an existing one. |
Learn more about Substitutes More on consumer theory: Consumer Decision Journey, Customer Value, 30 Elements Of, Customer Variability, Mental Accounting, Scarcity Marketing, more... You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA. MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject.
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