1) Customers find it easy to identify the product. 2) It encourages brand loyalty. 3) It makes it easy to launch new products. 4) Can be sold at a high price.
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Competitive Markets have?
Lots of sellers. Similar prices. No one seller has market control.
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Why do similar prices arise?
Because customers will switch to alternatives if the price of one goes up, sp businesses compete to attract customers with features other than price.
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