Identify and Briefly Explain Any Four of the Factors That

question 105

Essay

Identify and briefly explain any four of the factors that influence the strength or intensity of competitive rivalry among an industry's member firms.

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Definitions:

Consumption Strategy Model

A framework for understanding how consumers plan and select among products and services to satisfy their needs.

Consumer Purchase Decision Process

The sequence of steps consumers go through, from recognizing a need, gathering information, evaluating options, to making a purchase decision and post-purchase evaluation.

Maslow Hierarchy

A theory in psychology proposed by Abraham Maslow in his 1943 paper "A Theory of Human Motivation", which describes a five-tier model of human needs, arranged in a hierarchy.

Social Needs

Basic human motivations included in Maslow's hierarchy, referring to the need for belongingness, love, and interpersonal relationships.