Answer :
Bargaining power of customers is likely to be highest for markets involving industrial products.
What is Bargaining Power?
The bargaining power refers to the relative ability of one party to influence other party. There are a number of factors that determine or effect the bargaining power they are
- Having alternatives
- Lack of importance
- Relevant knowledge
What is Bargaining power of buyers?
The bargaining power of buyers refers to the pressure of customers or consumers on the business to provide high quality products at lower price. These factors which determine the bargaining power of buyers
- Switching Coast
- Number of buyers relative supplier
What is Bargaining Power of Supplier?
The bargaining power of suppler refers to the pressure that suppliers can put on companies for raising their prices, lowering their quality etc
What are Industrial Products?
The products which are used as inputs to produce consumer goods are called industrial products. e.g., raw materials, machinery and tools.
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