The Threat of Substitute Products or Services Refers to the Power

question 6

True/False

The threat of substitute products or services refers to the power of customers to purchase alternatives.

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Definitions:

Previous Experiences

All the events, knowledge, learning, and personal developments that an individual has encountered prior to the current moment.

Just Noticeable Difference

The minimum level of stimulus intensity change needed to produce a noticeable variation in sensory experience.

Difference Threshold

The minimum difference in stimulation that a person can detect 50% of the time, also known as the just noticeable difference (JND).

Kinesthetic Senses

The sense of body position and movement, including sense of muscle tension, balance, and body position in space.