Organisations Achieve Competitive Advantage by Providing Their Customers with What

question 45

True/False

Organisations achieve competitive advantage by providing their customers with what they want or need, better or more effectively than competitors.

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Definitions:

Demand Functions

Mathematical expressions that show the relationship between the quantity demanded of a good or service and its price.

Market Equilibrium

A condition in a market where the quantity supplied is equal to the quantity demanded at a certain price level.

Markup

The amount that retailers add on to the wholesale price of an item.

Selling Price

The amount of money a buyer pays to purchase a product or service.