When Korean Airlines Focused on Differentiating Through the Speed and Convenience

question 74

Multiple Choice

When Korean Airlines focused on differentiating through the speed and convenience of its service,it was responding to which competitive force?

• A) Threat of new entrants
• B) Threat of substitute products
• C) Bargaining power of suppliers
• D) Rivalry among competitors
• E) Threat of governmental actions

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Definitions:

Consumer Sovereignty

The concept that consumers' preferences and decisions dictate the production and sale of goods and services in an economy.

Legislation

Laws and statutory requirements passed by a legislative body or the process involved in creating these laws.

Marginal Benefit

Marginal Benefit refers to the additional satisfaction or utility that a person receives from consuming an extra unit of a good or service.

Marginal Cost

Marginal cost describes the increase in total cost that arises from producing one more unit of a particular good or service.