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BaLLatris [955]
3 years ago
5

Think about a small business you might enjoy opening. Typical examples might be a restaurant, specialty clothing store, or profe

ssional service. Assume that it will be in a monopolistically competitive market structure. How will you specifically differentiate your product from others in the market
Business
1 answer:
PolarNik [594]3 years ago
6 0

Answer:

Explanation:

When opening a business in a monopolistically competitive market structure it is incredibly difficult to compete and find a loyal customer base to make a profit. The best way to differentiate your product would be to personalize it as much as possible for every client. Personalizing not only the product but the shopping experience for each individual client makes that client feel special and cared about. This helps convince them to purchase this product from you as opposed to a competitor. Therefore, slowly increasing your loyal customer base.

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The correct answer is (B)

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The answer is: satisfying customer needs and wants.

<h3>What Distinguishes Needs from Wants?</h3>

One of the most crucial tasks you must take when building a monthly budget is classifying your expenditures by "need" or "desire" status.

The distinction between a need and a want might vary from person to person, making it one of the hardest challenges. It is also simple to mistake requirements for wants if you have been accustomed to something to the point that it is difficult to imagine life without it.

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1 year ago
There are seven commonly used organizational buying criteria. one of them is __________. select one:
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3 years ago
"Diminishing marginal​ returns" refer to a situation in which the ______.A. average product of the last worker hired is less tha
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