Bertrand bidding is a marketing model where entities simultaneously price the same or similar items, assuming competitors won’t change prices. It helps determine competitive pricing, market share, and potential loss. However, it only considers price and is more effective in a duopoly. Bertrand bidding is a marketing model in which two or more parties price […]

Bertrand competition is a marketing model where entities determine prices for the same or similar services, assuming competitors won’t change prices. It helps determine competitive prices, assess market share and predict global price changes. However, it only considers price competition and does not measure other motivating factors. Bertrand competition is a marketing model in which […]