Christie Has Just Started with a Travel Agency,and She Has

question 88

Multiple Choice

Christie has just started with a travel agency,and she has been offering clients and prospective clients a range of packaged tours.She is concerned because the commissions she is earning on her sales are lower than she had hoped.Her colleague Peter,who has been with the agency for several years,is having a great deal of success by working closely with the clients,seeking their ideas,and building customized tour packages for each one based on their suggestions.Peter's approach is based on

• A) transaction-oriented marketing.
• B) premium pricing.
• C) his seniority at the firm.
• D) special incentives from tour operators.
• E) value cocreation.

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Definitions:

Interdependence

A situation where entities are dependent on each other, often observed in global economies where countries rely on others for resources, technology, or markets.

Price Takers

Firms or individuals who accept the market price as given and have no influence to alter the price of the good or service they are selling or buying.

Four-firm Concentration Ratio

A measurement that indicates the combined market share of the four largest firms in an industry, used to assess the degree of competition within the market.

Herfindahl Index

A measure of market concentration that is used to determine the amount of competition among firms within an industry.