One Way Firms Can Gain a Competitive Advantage Without Relying

question 350

True/False

One way firms can gain a competitive advantage without relying on low prices is by developing close, friendly relationships with their customers.

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Definitions:

Prospective Buyers

Individuals or entities potentially interested in purchasing goods or services, often targeted by marketing and sales efforts.

Social Media

Online platforms that enable users to create and share content or participate in social networking, significantly impacting communication and marketing strategies.

Social Influence

The effect that the words, actions, or presence of other people have on an individual's thoughts, feelings, attitudes, or behaviors.

Opinion Leaders

Influential individuals within a community or social group who have the power to affect others' attitudes, beliefs, and behaviors regarding various topics.