A Cell Phone Maker Has Created a Digital Platform That

question 90

Multiple Choice

A cell phone maker has created a digital platform that allows it to directly interact with its customers.Customers are allowed to post their ideas regarding the features they want in the phones that the company plans to launch.What is this process of interaction between the company and its customers known as?

• A) open innovation
• B) strategic partnership
• C) joint venturing
• D) knowledge management

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Definitions:

Present Discounted Value

The present worth of a future amount of money or sequence of cash flows, calculated using a given interest rate.

Interest Rates

The cost of borrowing money, typically expressed as a percentage of the amount borrowed, charged by lenders to borrowers.

Expected Profits

The forecasted profit a business anticipates earning over a certain period, based on estimates of future revenues and costs.

Market Value

The amount of money a willing buyer would pay a willing seller for a good, service, or asset in the open market.