Asked by Britanny Espinosa on May 06, 2024
Verified
You live in a small town with only one large retailer. This means there is low ______.
A) buyer power
B) supplier power
C) threat of new entrants
D) threat of substitutes
Buyer Power
The influence that consumers have over a business or market, often determining pricing, availability, and features of products or services.
Supplier Power
The influence that suppliers have over the price and availability of their products or services, which can impact the market dynamics.
Small Town
A small town is a community with a small population and relatively few buildings, often characterized by a close-knit society and slower pace of life compared to urban areas.
- Understand the dynamics of power between suppliers and buyers in competitive industries.
Verified Answer
KR
Kiara RobinsonMay 13, 2024
Final Answer :
A
Explanation :
Buyer power is low because consumers have limited choices and must rely on the single large retailer for their purchases, reducing their ability to influence prices or demand better services.
Learning Objectives
- Understand the dynamics of power between suppliers and buyers in competitive industries.