Asked by Brookelyn Pfleging on Jun 06, 2024

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_________ are the costs, in money and time, imposed by a decision to buy elsewhere.

A) Entry barriers
B) Loyalty programs
C) Substitute products
D) Switching costs

Switching Costs

The costs that a consumer or company incurs as a result of changing from one supplier, product, or system to another.

Entry Barriers

Obstacles that make it difficult to enter a particular market or industry, which may include high startup costs, strict regulations, or strong competition.

Loyalty Programs

Marketing strategies designed to encourage customers to continue to shop at or use the services of businesses associated with each program.

  • Explain the concept of switching costs and their effect on buyer behavior and competitive strategy.
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Taitum MccloskeyJun 09, 2024
Final Answer :
D
Explanation :
Switching costs refer to the costs that a consumer or company incurs as a result of changing brands, suppliers, or products. These costs can include financial costs, time, effort, and the risk of losing loyalty rewards.