Asked by Dylan Wright on May 16, 2024
Verified
Buyer power is high when buyers have _________ choices from whom to buy and low when buyers have _________ choices.
A) few; few
B) few; many
C) many; few
D) many; many
Buyer Power
The influence that customers have over a company, including their ability to drive prices down or demand higher quality products and services.
Buyers
Individuals or entities that purchase goods or services for personal use, resale, or use in production or operations.
Choices
The range of different options or decisions available to an individual or organization.
- Acquire knowledge on the power dynamics between suppliers and buyers in the context of industry competition.
Verified Answer
AD
ADITI DESAIMay 19, 2024
Final Answer :
C
Explanation :
Buyer power is high when buyers have many choices from whom to buy, indicating a competitive market, and low when buyers have few choices, indicating a lack of alternatives and potentially a monopolistic or oligopolistic market.
Learning Objectives
- Acquire knowledge on the power dynamics between suppliers and buyers in the context of industry competition.