Multiple Choice
According to the five forces model, the stronger the five forces, the lower the industry's:
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3. The Market Forces of Supply and Demand
Competitive Markets
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Which of the following is considered the most impersonal form of retailing in competitive markets?
A
Online shopping platforms
B
Local farmers' markets
C
Neighborhood convenience stores
D
Specialty boutique stores
Verified step by step guidance1
Understand the concept of 'impersonal' in the context of retailing, which refers to the degree of personal interaction between buyers and sellers.
Recognize that local farmers' markets, neighborhood convenience stores, and specialty boutique stores typically involve face-to-face interactions, making them more personal forms of retail.
Identify that online shopping platforms operate through digital interfaces without direct personal contact, making them more impersonal compared to physical stores.
Consider the competitive market aspect, where online platforms serve a broad customer base with minimal personal interaction, emphasizing convenience and efficiency.
Conclude that among the options, online shopping platforms are the most impersonal form of retailing due to the lack of direct personal interaction.
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