Explain How Consumers Benefit from Business Competition

question 24

Essay

Explain how consumers benefit from business competition.

Understand the foundational concepts and chief features of morality.

Compare and contrast different ethical theories, including Kantian ethics, utilitarianism, virtue ethics, and care ethics.

Reflect on and analyze personal experiences relating to cultural and ethical relativism.

Understand and articulate arguments for and against ethical relativism and identify possible universal values.

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Definitions:

Brand Repositioning

A strategy in which marketers change a brand’s focus to target new markets or realign the brand’s core emphasis with changing market preferences.

Co-branding

A marketing partnership between two brands where they collaborate on a product or promotion to leverage each other's brand equity.

Brand Dilution

The weakening of a brand's strength or value, often resulting from overextension, inconsistent messaging, or failure to maintain quality standards.

Rebranded

The process of changing the corporate image of an organization or product.