ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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fishing equipment
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electrical light switches
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heavily inflated goods without stock or supply of goods
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Advertising one product (the “bait") at a very attractive price, then informing the customer that the advertised product is either unavailable or of poor quality, convincing the customer to purchase a different, more expensive product.
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Detailed explanation-1: -A “bait and switch” is a scam to mislead buyers, whereby a seller advertises an appealing but ingenuine offer to sell a product or service that the seller does not actually intend to sell. Instead, the seller offers a sub-par, defective, or unwanted alternative.
Detailed explanation-2: -advertising an item at an unrealistically low price as ‘bait’ to lure customers to a store or selling place and then attempting to steer them to a higher-priced item.
Detailed explanation-3: -Bait-and-switch advertising is a deceptive pricing technique that involves promoting a product at a surprisingly low price. However, when consumers contact a store to purchase it, they’re told that this item is no longer available.
Detailed explanation-4: -The tablet or other advertised product is out of stock, but the customer is informed that other, similar options are available – for a higher price. For instance, the vendor may try and sell the customer a much smaller tablet that is inferior in every aspect to the one advertised at $100.