What are the four things firms may rely on to obscure the comparability of competing offerings?

1. Product

2. Price

3. Promotion (advertising)

4. Place (distribution)

How do firms manipulate perceptions of uniqueness?

Answer: Create perceptions of uniqueness or prevent consumers from discovering the lack of uniqueness

Why do firms engage in product development?

Answer: Firms engage in PD in order to enhance utility and avoid commoditization. However, if brands lack unique value and consumers cannot assess utility objectively and accurately, firms may be tempted to manipulate perceptions of uniqueness.

What does the EVC assume?

1. consumers are willing to pay in approximate relation to the utility they receive, and will not pay extra if utility is equivalent across offerings

2. can assess relative utility with some accuracy