Amanda and Steve Wanted to Open a Convenience Store

question 45

Multiple Choice

Amanda and Steve wanted to open a convenience store. After conducting some research, they decided to open the store near one of the residential areas of the town that did not have any other convenience store. The people residing in the nearby residential area welcomed the idea of a store close by, and the venture was a success. Which of the following strategies did Amanda and Steve implement to start their business?

• A) The blue ocean strategy
• B) The cannibalization strategy
• C) The acquisition strategy
• D) The penetration strategy

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Definitions:

Rebate

A partial refund to someone who has paid too much for tax, rent, or a utility, or as a promotion by manufacturers and retailers to encourage the purchase of a product.

Service Provider

A company or individual that offers services to others in exchange for payment.

Loyalty Program

A marketing strategy designed to encourage customers to continue to shop at or use the services of a business associated with the program by offering rewards, discounts, or other incentives.

Repeat Purchases

The act of buying a product or service again, demonstrating customer loyalty and satisfaction with the previous purchase.