What Is Supplier Power

question 90

Multiple Choice

What is supplier power?

• A) The ability of buyers to affect the price they must pay for an item
• B) The suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services)
• C) High when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market
• D) High when there are many alternatives to a product or service and low when there are few alternatives from which to choose

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Definitions:

Future Favors

The concept of performing kind acts or services with the expectation of receiving help or support in return in the future.

Fudging

The act of manipulating or altering information, often to deceive or achieve a desired outcome.

Stakeholder Social Responsibility

An organizational approach that considers the impacts of its decisions and activities on all stakeholders, including employees, customers, communities, and the environment.

Managerial Policies

Guidelines, rules, and procedures set by management to govern actions and decision-making within an organization, aiming to achieve its objectives efficiently.