How do nearby businesses with similar products usually compete? (1 point)
A. offering deals and low prices
B. changing to different product types
C. lowering the level of service to save costs
D. establishing a minimum price for everyone to use
1. A
2. A
3. C
4. B
5. A
100%
And your answer is?
A. offering deals and low prices
To find the answer to this question, we can look at common strategies employed by nearby businesses with similar products. The goal of such businesses is usually to attract customers and stand out in the competitive market. Here are the commonly used methods:
A. offering deals and low prices: Many businesses compete by offering discounted prices, promotional offers, or special deals to attract customers. By providing competitive pricing, businesses aim to entice customers away from their competitors.
B. changing to different product types: Some businesses may try to differentiate themselves by offering a unique or different product lineup. This strategy allows them to attract customers who might be looking for a specific type or variation of the product.
C. lowering the level of service to save costs: While it is not a recommended strategy, some businesses might opt to lower the level of service to reduce costs. This approach is seen as a cost-cutting measure by compromising on quality and customer experience. However, it can negatively impact customer satisfaction and loyalty.
D. establishing a minimum price for everyone to use: While it is less common, businesses may collaborate and agree to maintain a minimum price for their products. This strategy aims to prevent intense price competition among the businesses, ensuring that everyone maintains a certain profit margin.
In conclusion, the most common method used by nearby businesses with similar products to compete is by offering deals and low prices (option A). This approach allows them to attract customers by providing competitive pricing while still maintaining a level of profitability.