Small Businesses Can Compete with Larger Rivals with Bigger Budgets

question 33

Multiple Choice

Small businesses can compete with larger rivals with bigger budgets by employing unconventional,low-cost creative techniques known as:

• A)market research.
• B)astonishing customer service.
• C)bootstrap marketing techniques.
• D)psychographics.

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Definitions:

Joint Ventures

Business arrangements where two or more parties agree to pool their resources for a specific task, project, or business activity, sharing profits, risks, and control.

Limiting Outsiders' Control

A strategy employed by companies to prevent external parties from gaining too much influence or control over their operations, often through restructuring ownership or voting rights.

Strategic Alliance

A formal agreement between two or more parties to pursue a set of agreed upon objectives while remaining independent organizations.

Shared Ownership

An arrangement where two or more parties hold vested interests in an asset, sharing both the benefits and responsibilities associated with the asset.