In Order for a New Business to Be Competitive in the Market,it

question 223

Multiple Choice

In order for a new business to be competitive in the market,it must often offer lower prices than its more established rivals.The business may cut services or offer fewer services so that it can offer these reduced prices while maintaining a profit margin.As the business becomes more established and its older rivals are put out of business,it can begin to offer more services and raise its prices. Which of the following concepts does the paragraph best illustrate?​

• A)​retailing strategy
• B)​retail convergence
• C)​evolution of retail
• D)​wheel of retailing
• E)​targeted retail

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Definitions:

Systematic Random Search Algorithm

An algorithmic approach that combines elements of randomness with a systematic strategy to solve optimization problems.

Mental Processes

Internal, covert activities of our minds, such as thinking, feeling, and remembering, that cannot be directly observed but inferred from behavior.

Thinking

The process of considering or reasoning about something.

Verbal Memories

The memory of words and other abstract symbols, including the ability to recall and recognize language-based material.