What Is One of the Most Common Ways a Company

question 41

Multiple Choice

What is one of the most common ways a company can decrease supplier power?

• A) Charge lower prices.
• B) Charge higher prices.
• C) Use MIS to find and create alternative products.
• D) Companies cannot affect supplier power.

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Definitions:

SWOT Analysis

A strategic planning tool that evaluates the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business venture.

Strengths

Positive attributes of an organization. These are internal resources and capabilities that support a company to achieve its mission, goals, and competitive advantage.

Weaknesses

Areas where a business or product lacks strength or is less competitive compared to others in the market.

Opportunities

Potential situations in the market that, when leveraged, can lead to the growth and success of a business.