It influence it by lowering the price and if it's by producing then people would want to go to the store that has more of the product that people want.
Answer:
B. bounded rationality.
Explanation:
Bounded rationality -
It refers to the idea where the decisions of the people are rational , within a limit of the specific information known and the mental capabilities , is referred to as the bounded rationality .
The concept was given by Herbert Simon .
As the thinking capacity and the information have some limit , hence the decision are also limited .
Hence , from the given scenario of the question ,
The correct answer is bounded rationality .
Answer:
Position Strategy
Explanation:
The position strategy is the strategy in which the business focuses on the important things that will drive value for the organization. This way of developing customers choices and attracting them by added value in services is known as position strategy. The company here has focused on friendly staff and cappuccino offering along with a good selection of books. This means that the company has developed its image which is that scholars come here and that's the uniqueness of the position strategy.
Three things that the company has focused here:
- Friendly Staff
- Good selection of Books
- Cappuccino and other products that increases sales
