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

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Definitions:

Competitive Advantage

An attribute or ability that allows an organization to outperform its competitors, often leading to greater sales or margins.

Inertia

A tendency to do nothing or remain unchanged, often leading to stagnation.

Marketplace

A venue where buyers and sellers interact to exchange goods, services, or information.

Generic Competitive Strategies

Broad approaches to competitive advantage that companies can apply across industries, often categorized into cost leadership, differentiation, and focus strategies.