How Has Greater Customer Affluence Increased the Importance of SCM

question 30

Multiple Choice

How has greater customer affluence increased the importance of SCM?

• A) Customers demand higher quality and better service
• B) The internet empowered consumers with information
• C) Customers wanted more standardized, mass-produced products
• D) Customers wanted fewer product choices
• E) a and b

---

Definitions:

Buy Back

Buy back refers to the process by which a company repurchases its own shares from the marketplace, reducing the number of outstanding shares.

Resell

The act of selling something previously bought, often for a profit or at a different price point.

Electronic Bill Pay

A service that allows individuals to pay bills online through a website or app, streamlining the payment process and reducing the need for paper bills.

Switching Costs

Expenses or barriers that a consumer or business faces when changing suppliers, brands, or products.