Please Define the Following Key Terms

question 47

Short Answer

Please define the following key terms.
-Digital Age

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Definitions:

Socioeconomic Factors

Elements that describe the social and economic conditions influencing an individual's or group's behavior and well-being.

Substitute Product

A product or service that satisfies the same needs as another, often considered by consumers as an alternative.

Direct Competition

The scenario where businesses offer similar products or services and target the same customer base.

Direct Competitor

Companies that offer the same products or services to the same target market and customer base, competing within the same industry.