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top   »  economics   »  business economics   »  economies of scope

What are Economies Of Scope?

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Economies of scope is efficiency gained by variety. This can be compared to economies of scale, or efficiency gained by large-scale operations.
The benefits of economies of scope include reduced cost, less risk due to a diversified product offering and higher visibility in the market. For example, a car manufacturer can share brand, reputation, technologies and its network of sales locations amongst its models.
Economies of scope are also related to customer preferences for a wide selection. For example, a well stocked supermarket offering a wide variety of items may be viewed as a one stop shop by customers that allows them to complete a variety of purchases in one place.
Overview: Economies Of Scope
Area
Economics
Definition
Efficiencies gained by variety such as a wide product offering.
Related Concepts
Economies Of Scale
Economies Of Density
Next: Product Variety

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