Locking in Customers by Making It Difficult or Expensive for Customers

question 94

Multiple Choice

Locking in customers by making it difficult or expensive for customers to move to another product is called establishing high ________.

• A) entry barriers
• B) switching costs
• C) product standards
• D) value differentiation

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Definitions:

Societal Beliefs

Widely held views, values, and norms within a community or society that influence behavior and attitudes.

Privileges

Special rights, advantages, or immunities granted or available only to a particular person or group of people.

Functionalist Perspective

An approach in sociological theory focusing on the functions of each part of a society and how these parts contribute to the stability and functionality of the whole.

Economic Rewards

Benefits or compensations received as a result of one's work or economic activities, including salaries, wages, and bonuses.