A Brief Example of Game Theory
Hi Kim, to give you a basic idea of game theory it can be used in terms of advertising your product. Say for example when you go to your local shopping centre and you are at the confectionary section, you see Mars bars and usually right beside it is a generic brand which looks to be similar to that of Mars bars. It may not have the same brand but it will contain similar packaging, this organisation has done some clever strategy by looking at economical factors such as price and package design. It then also gains free advertising which Mars has been spending as it only needs to have the product next to it to gain this benefit as the customer may just consider this substitute.