To Be Successful in Business,you Should

question 38

Multiple Choice

To be successful in business,you should:

• A)avoid changes.
• B)handle all aspects of your business yourself.
• C)keep an eye on competitors.
• D)become a specialist in one particular area of business.

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Definitions:

Price Discriminate

A pricing strategy where identical or substantially similar goods or services are sold at different prices to different customers.

Personalized Pricing

A pricing strategy where prices are set for individual customers based on their perceived willingness to pay, often using data analytics.

Barriers to Entry

Factors that prevent or impede the ability of a new competitor to enter and operate in an industry.

Monopoly

An economic condition where only one seller offers a distinctive product in the marketplace, with no similar alternatives available.