Behavioural Economics Helps Explain Why Customers ________ at Big W

question 62

Multiple Choice

Behavioural economics helps explain why customers ________ at Big W.

• A)favoured the policy of everyday low prices and not sales and coupons
• B)favoured sales and coupons and not the policy of everyday low prices
• C)were equally happy with sales and coupons and the policy of everyday low prices
• D)responded negatively to both sales and coupons and the policy of everyday low prices

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Definitions:

Four Actions Framework

A strategic model used in business to create new value for customers and differentiate from competitors by systematically considering which factors to eliminate, reduce, raise, and create.

Strategic Focus

A business approach that involves prioritizing and concentrating efforts and resources on the most critical areas that will drive success.

Competitive Environment

The external surroundings that involve all rivals, their strategies, strengths, and weaknesses, affecting a company's market position.

Resources

The assets, capabilities, processes, information, and knowledge that an organization uses to improve its effectiveness and create and sustain competitive advantage.