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For a Specific Product or Service, the Existence of Close

question 35

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For a specific product or service, the existence of close substitutes means that customers could switch to these substitutes if prices, service levels or other factors make it in their interests to do so.


Definitions:

Artisanal Beers

Craft beers that are produced in small quantities by independent breweries, often emphasizing quality and unique flavors.

Team Lifespan

The duration for which a team exists, from its formation to its disbandment.

Group Bonding

The process of developing a sense of cohesiveness among members of a group, fostering feelings of loyalty and camaraderie.

Physical Proximity

The spatial closeness between individuals, which can influence communication, collaboration, and relationships in a work setting.

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