Explain How the Availability of Substitutes Affects Business Strategy

question 10

Essay

Explain how the availability of substitutes affects business strategy. Include an example of a company or industry where many substitutes are available and one where few or none are available.

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Definitions:

Product Misuse

Using a product for an unintended purpose or without regard to instructions or usage suggestions.

Subjective Norms

Beliefs about what others think one should do, which can influence an individual's behavior.

Fast-food Restaurants

Fast-food restaurants are establishments that serve prepared food quickly and efficiently, typically part of a chain with a standardized menu.

Terror Management Theory

A psychological theory suggesting that awareness of one’s own mortality drives behavior, particularly those that uphold cultural values and self-esteem.