In the Digital Age,information Is Plentiful and Cheap

question 115

Essay

In the digital age,information is plentiful and cheap.Explain why it is more important than ever for managers to have high quality information and turn it into deep customer insights.

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Definitions:

Monopoly Result

The outcome of having a single seller in a market, which can lead to higher prices and less consumer choice.

Economies of Scale

The cost advantage companies achieve due to an increase in production, leading to a reduction in the per-unit cost.

Diseconomies of Scale

A condition in which an increase in production leads to higher long-term average costs, contrary to economies of scale.

Licensing

The process through which a company grants permission to another entity to use its intellectual property, technology, or product specifications under agreed terms.