In hypothetical market where all consumers

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In a hypothetical market where all consumers have exactly the same preference (so they have the same indifference curve, same perceived benefit, etc.; alternatively, you may simply think of it as a market with only one consumer), discuss why a firm using product specialization (produces only product A) as a type of focused strategies maybe able to out-compete non-specialized competitors (which produce both A and B). Please develop your discussion in the following order:

1. In your opinion, would product specialization affect firm cost? If so, how?

2. In your opinion, would product specialization affect perceived benefit of the firm's products and services? Again, if so, how?

3. What kind of price the specialized firm may charge to out-compete and be profitable (in short and/or long run), given your discussion on cost and perceived benefit?

Reference no: EM132298485

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