__________ refers to the ability of buyers to bargain down prices charged by firms in the industry or driving up the costs of the firm by demanding better product quality and service
A. Bargaining power of suppliers
B. Threats of new entrants
C. Bargaining power of buyers
D. Threat of substitute products
Answer: Option C
Solution(By Examveda Team)
Bargaining power of buyers refers to the ability of buyers to bargain down prices charged by firms in the industry or driving up the costs of the firm by demanding better product quality and service. 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.Related Questions on Strategic Management
Strategy is developed by the visionary chief executive in ___________ mode of strategic management
A. planning mode
B. adaptive mode
C. strategic mode
D. entrepreneurial mode
Stability strategy is a ____________ strategy
A. corporate level
B. business level
C. functional level
D. strategic level
What are the means by which long term objectives will be achieved?
A. Strategies
B. Policies
C. Strength
D. Opportunities
Marketing strategy is a ___________ type of strategy
A. business level
B. Growth strategy
C. corporate strategy
D. functional strategy
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