Suppliers in an Industry Are Most Powerful When

question 41

Multiple Choice

Suppliers in an industry are most powerful when

• A) there are few substitutes for the product suppliers sell.
• B) switching costs are low.
• C) companies in the industry can threaten to enter the suppliers' industry.
• D) substitute products are readily available.
• E) all of these choices

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Definitions:

Marketing Strategy

The overall plan of action for reaching and converting a target market into customers, which includes segmentation, targeting, positioning, and marketing mix decisions.

Personal Selling

A marketing process which involves face-to-face communication between salespeople and prospective buyers to promote and sell products or services.

Paid Personal Communication

A marketing strategy involving direct payment for personalized communication efforts, such as targeted email campaigns or sponsored social media posts.

Distribution Options

The various methods or channels a company can use to deliver its products or services to customers, such as direct selling, online sales, or through retail partners.