GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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pertains to how much power customers have as far as driving down the prices of products and services
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pertains to how much power a supplier has as far as increasing the prices of supplies and merchandise a company purchases from them
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helps companies to analyze their industry and determine their level of competitiveness
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negative or unfavorable external factors that affect businesses and their level of competitiveness
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a specific group of consumers to whom a company aims the selling of its products or services
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Detailed explanation-1: -What is buyer power? Buyer power refers to a customer’s ability to reduce prices, improve quality, or “generally play industry participants off one another.” Buyer power examples include larger and influential customers demanding higher-quality products for lower prices.
Detailed explanation-2: -The Bargaining Power of Buyers, one of the forces in Porter’s Five Forces Industry Analysis framework, refers to the pressure that customers/consumers can put on businesses to get them to provide higher quality products, better customer service, and/or lower prices.
Detailed explanation-3: -Buyer’s Bargaining power refers to the pressure consumers can exert on businesses to get them to provide higher quality products, better customer service at lower prices. So, strong buyers can pressure sellers to lower prices, improve product quality, and offer more and better services.
Detailed explanation-4: -The buyer group is concentrated or purchases large volumes relative to the seller’s sales. Products purchased from the industry represent a significant percentage of the buyer’s costs or purchases. More items