Asked by Mourier Macha on May 02, 2024
Verified
To survive in an industry dominated by giants, a small business should compete by offering lower prices.
Industry Giants
The largest and most influential companies within a sector, known for their market domination, innovation, and financial capabilities.
Lower Prices
Lower prices indicate a decrease in the cost that consumers are asked to pay for goods or services, often aimed at boosting sales or competitiveness.
- Familiarize oneself with the economic aspects of marketing, particularly breakeven analysis and pricing methodologies.
Verified Answer
ZK
Zybrea KnightMay 07, 2024
Final Answer :
False
Explanation :
Competing solely on lower prices can be unsustainable for small businesses due to thinner profit margins. Instead, they should focus on differentiating themselves through quality, customer service, innovation, or niche markets.
Learning Objectives
- Familiarize oneself with the economic aspects of marketing, particularly breakeven analysis and pricing methodologies.
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