Asked by Brookelyn Pfleging on Jun 06, 2024
Verified
_________ 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.
Verified Answer
Learning Objectives
- Explain the concept of switching costs and their effect on buyer behavior and competitive strategy.
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