What are competitive dynamics and how does this explain why strategies evolve in response to actions of close competitors?
What will be an ideal response?
Competitive dynamics involves the intense rivalry, involving actions and responses, among similar competitors vying for the same customers in a marketplace. New entrants may be forced to change their strategies or develop new ones to survive competitive challenges by incumbent rivals. New entry is among the most common reasons why a cycle of competitive actions and reactions gets started. It might also occur because of threatening actions among existing competitors, such as aggressive cost cutting. Studying competitive dynamics helps explain why strategies evolve and reveals how, why, and when to respond to the actions of close competitors.
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Talue-based pricing is the reverse process of ________ pricing.
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A. $40,525. B. $38,325. C. $43,200. D. $40,000. E. $37,800.
Charles owns a restaurant that is thematically modeled into representing the pop culture of the 1980s. While setting up the restaurant, Charles took care of everything himself, from interior decoration to menu and music. He even got the permit for the restaurant himself. Which entrepreneurial characteristic is highlighted in the given scenario?
A. Conformity B. Subservience C. Vision D. Self-reliance