The need to offer a greater variety of product choices to customers of a traditionally standardized product is the challenge of flexibility.

Question

Quizplus · Accepted Answer

Flexibility refers to the ability to adapt and change according to customer needs and demands. By offering a greater variety of product choices, a business can better cater to the diverse preferences and tastes of their customers, and thus improve their competitive advantage. This is particularly important in industries where the products are traditionally standardized or commoditized, as it allows businesses to differentiate themselves from their competitors and offer unique value propositions.

The Need to Offer a Greater Variety of Product Choices