A level of competition characterised by consumers often having limited financial resources and therefore having to make choices about which products to consume and which to forgo, can be best described as:
A) generic competition.
B) total budget competition.
C) monopolistic competition.
D) brand competition.

Question

Quizplus · Accepted Answer

understand the importance of the different micro-environmental factors. Table 2.2 - Total budget competition: Consumers have limited financial resources and therefore must make choices about which products to consume and which to forgo. In this sense, organisations are competing against all alternative ways the consumer can engage in an exchange of value.

A Level of Competition Characterised by Consumers Often Having Limited