According to Joseph Schumpeter, the Theory of Creative Destruction Describes

question 203

Multiple Choice

According to Joseph Schumpeter, the theory of creative destruction describes a process by which

• A)some new products unleash a gale of destruction that drive other new products out of the market.
• B)new products unleash a gale of destruction that drives old products out of the market.
• C)new products are created by the destruction of capital.
• D)the creation of new products never involves the destruction of old products.
• E)new products are bought out by existing large firms in their efforts to "destroy" competition.

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Definitions:

BOPUS

Buy Online, Pick-up in Store; a retail strategy allowing customers to purchase items online and pick them up directly at the store's physical location, often merging online shopping with traditional retail.

Showrooming

The practice of examining merchandise or products in a store and then buying them online at a lower price.

Bait and Switch

A deceptive marketing strategy where a seller attracts customers with the promise of specific product or deal, only to upsell them to a different, usually more expensive, item.

Vertical Marketing Systems

A coordinated approach to marketing and distribution in which members at different levels of the supply chain work closely together.