How a Person Establishes Expectations for a Service Not Yet

question 96

Multiple Choice

How a person establishes expectations for a service not yet experienced is influenced by __________, personal needs, past experiences, and promotional activities.

• A)the economy
• B)consumer income
• C)word-of-mouth communications
• D)competitive trends
• E)how the organization delivers its service

Analyze the impact of industry rivalry on competitive positioning.

Demonstrate knowledge of Porter’s competitive forces model and its importance in strategic planning.

Understand the role and impact of technology in enhancing customer experiences and operational efficiency in industries.

Recognize strategies businesses can employ to gain competitive advantage, including cost leadership, differentiation, and innovation.

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Definitions:

Annual Profit

Annual profit refers to the total profit a business earns over the course of a fiscal year, accounting for all revenues minus expenses during that period.

Variable Costs

Costs that vary directly with the level of production or service activity, such as materials and labor.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and loan payments.

Total Cost

The sum of all expenses incurred by a firm in producing goods or services, including both fixed and variable costs.