|Overview: Substitution Price|
|Definition||The tendency for customers to replace one good with another due to price considerations.|
|Related Concepts||Pricing Strategy|
What is a Substitution Price?
John Spacey, updated on January 15, 2023
A substitution price is a phenomena whereby customers will find a substitute for a particular product or service at different price points. For example, people may replace cable television with streaming media services if there is a perception the latter is a better value.
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