Explain the difference between Homogenous, Differentiated and Heterogenous products???
Also if ditto same products are sold under different brand names would they be considered as Homogenous or Differentiated products????
Dear Student
Homogeneous goods are goods which are identical in all respects like quality, colour, size, weight, design, etc. while differentiated goods are the goods which are same in their core functioning but different in some other aspects. For e.g., two blue ink ball pens are same in their core functioning however, if they have different body designs or any other difference then they would be differentiated.
If a product is sold under different brand names, it would be considered as differentiated as the brand name in itself lends uniqueness to each seller's product.
Hope this information clarifies your doubts. Keep posting :-)
Regards
Homogeneous goods are goods which are identical in all respects like quality, colour, size, weight, design, etc. while differentiated goods are the goods which are same in their core functioning but different in some other aspects. For e.g., two blue ink ball pens are same in their core functioning however, if they have different body designs or any other difference then they would be differentiated.
If a product is sold under different brand names, it would be considered as differentiated as the brand name in itself lends uniqueness to each seller's product.
Hope this information clarifies your doubts. Keep posting :-)
Regards