In Order to Use Lock-In as a Competitive Strategy,firm Managers

question 46

Multiple Choice

In order to use lock-in as a competitive strategy,firm managers should be prepared to do all of the following except:

• A)invest in a given base of customers by giving concessions initially.
• B)avoid selling complementary products and access to the customer base.
• C)be the first to bring a new type of product to market.
• D)use loyalty programs as part of an entrenchment strategy.

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Definitions:

Private Speech

Self-directed speech that individuals, especially children, use to guide their own actions and thoughts, playing a key role in cognitive development according to Vygotsky.

Imaginary Audience

A psychological concept where an individual believes that his or her behavior is constantly being watched and judged by others, often seen in adolescence.

Adolescent Egocentrism

A characteristic of adolescence involving difficulty distinguishing between one's own perspective and someone else's perspective.

Naive Idealism

A worldview characterized by the belief in a perfect or ideal scenario, often without considering practical limitations or the complexity of real situations.