Which of the Following Can Be Defined as a Business

question 60

Multiple Choice

Which of the following can be defined as a business philosophy that values two-way communication between a company and individual customers?

• A)ECR
• B)CRM
• C)EDI
• D)EPOS
• E)BOLD

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Definitions:

Price

The amount of money required to purchase a good or service, determined by factors such as supply and demand, production costs, and market competition.

Indifference Schedule

A graphical representation in economics showing different bundles of goods between which a consumer is indifferent.

Willingness

The readiness of a person to engage in a particular action, especially in terms of purchasing goods or services.

Marginal Utility

The additional utility received from consuming one more unit of a good or service.