How Important Is It for a Small Business Operating in a Local

question 45

Essay

How important is it for a small business operating in a local area compared to a larger organisation operating nationally to develop good customer relationships?

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.

Charging Different Prices

Practice of setting different prices for the same product or service in different markets or to different customers, often based on demand, purchase volume, or buyer characteristics.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price.

Crest Toothpaste

A brand of toothpaste known for its dental hygiene products, including varieties that focus on tooth whitening, cavity protection, and gum care.