Define the Principle of "Information Richness" and List and Explain

question 19

Essay

Define the principle of "information richness" and list and explain the four categories of information richness discussed. What factors must be balanced in selecting which category to use?

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Definitions:

Markdown

The reduction of the selling price of goods or services, often to clear old stock or respond to decreased demand.

Rubber Boots

Footwear made of rubber, designed to be waterproof, typically used during rainy weather or in wet environments.

Mark-up

A premium added to the cost price of items to compensate for fixed costs and profit.

Dog Kibble

Small, dry pieces of food formulated for dogs' nutritional needs.