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Jonathan Is Planning on Setting Up a Small-Scale Guitar Manufacturing

question 85

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Jonathan is planning on setting up a small-scale guitar manufacturing company.Jonathan isn't well versed in economics,so he doesn't understand the concept of supply and demand very well.What pricing strategy must Jonathan adopt?


Definitions:

Activated Needs

Activated needs are desires or requirements that have been triggered by internal or external stimuli, prompting individuals to take action.

Acquired Needs Theory

A psychological theory suggesting that individuals acquire certain needs through their life experiences, such as the needs for achievement, affiliation, and power, which influence their motivation and behavior.

Need For Achievement

A motivational drive that pushes individuals to reach success, excel in their endeavors, and overcome challenges through personal effort.

Job Enrichment

Enhancing a job's meaningfulness through allowing more autonomy, responsibility, and variety in tasks, often to improve employee satisfaction and performance.

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