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In a market with many sellers businesses compete for customers by offering and .?
In a market with many sellers, businesses compete for customers by offering better prices and enhanced product features or services. They may also focus on improving customer service, increasing convenience, and implementing effective marketing strategies to differentiate themselves. This competition drives innovation and can lead to better quality and value for consumers. Ultimately, the goal is to attract and retain customers in a crowded marketplace.
How all buyers and sellers can win the economic competition when they are allowed to trade under free market condition?
In a free market, buyers and sellers can compete freely, leading to the efficient allocation of resources and the optimal pricing of goods and services. Sellers innovate and improve their offerings to attract more customers, while buyers benefit from a wider selection and competitive prices. This dynamic encourages higher quality and lower costs, ultimately creating a win-win situation where consumers enjoy better products and sellers can thrive in a vibrant marketplace. Overall, the competition fosters economic growth and increases overall welfare in society.
Why do you think it is said that banks operate in a competitive environment?
Banks operate in a competitive environment because they vie for customers' deposits, loans, and other financial services against numerous other financial institutions. This competition drives them to innovate, improve customer service, and offer better rates or products to attract and retain clients. Additionally, the presence of non-traditional financial entities, such as fintech companies, further intensifies this competition, pushing banks to adapt and evolve to meet changing consumer demands. Ultimately, this competitive landscape benefits consumers by providing more choices and better service.
What is the definition of price discrimination?
We know that in the prefect competition there are enormous buyers and seller but in the monopoly and imperfect competition there are few sellers and tremendous buyers, in this context, in imperfect competition seller sets the different prices to the different buyers, which is better known as price discrimination. More specially, price discrimination is the process of charging different prices to different customers as per the customers need, level of income, social status etc.
What is the goal of economic competition?
The goal of economic competition is better goods at lower prices for everyone.
In a market with many sellers businesses compete for customers by offering and .?
In a market with many sellers, businesses compete for customers by offering better prices and enhanced product features or services. They may also focus on improving customer service, increasing convenience, and implementing effective marketing strategies to differentiate themselves. This competition drives innovation and can lead to better quality and value for consumers. Ultimately, the goal is to attract and retain customers in a crowded marketplace.
What is objective feedback?
To improve the the customer service. To provide better service according to the needs and requirements of the customer.
Which marketing management philosophy does Netflix subscribe to?
Marketing orientation. They focus on what the customer wants. The make themselves known and better than the competition in the marketplace by cost, convenience, and service.
What is the Scope and importance of retailing?
To gain customers and dealers at the expense of competition requires better margin & more sales promotion tactics and better customer service (spare parts for cars emphasis on daily promotion.)
What are the effects of good communication skills to customer service?
the customer understands and is better informed in what the customer service person is telling them, and could end in a happy customer
Who has the better customer service; Lowes or Home Depot?
Home Depot wins for customer service.
What does NetSuite CRM allow for businesses to do?
Answer 1: NetSuite CRM allows businesses to better their customer management. Increasing customer service, better conflict resolution and a view of the customer demographics are all included in it.#aashnacloudtechAnswer 2: NetSuite CRM allows businesses to better their customer management. This includes increasing customer service, better conflict resolution, and a view of the customer demographics.
What are some strategies for business optimization?
Some strategies for the best business optimization is to include friendly employees, have a great customer service help area, and to offer prices that are better, or marched from the competition.
Is employee motivation and good customer service linked in any way?
A motivated employee will always render better customer service.
Why does competition among producers result in lower prices better product quality and better customer service?
It is a matter of basic Economics. The more products available, the lower prices. Companies choose the prices to a point, and the more competition for business, the customers will choose the lowest prices for the same items. Competition also effects quality and service, since if the same products and services are offered, customers will use other factors like how they are treated or how long the product lasts.
Is at and t better than sprint?
Sprint has better pricing, at&t has better customer service, and more coverage.
How do you manage to provide an emmediate and efficient service to your customer?
More important than immediate and efficient is meeting the customer's expectations at the price point. You can sink as much capital into providing a service as you want, but if the customer doesn't really care, that's money wasted. To be competitive in a fair market, you need to either provide a better product than the competition, or your product needs to be cheaper. Figure out which is better suited for your business's capabilities, and follow that. If the customers want faster and more efficient service, you'll need to hire more or better employees to fill that need, and you'll need to charge more for your service to compensate for it.
