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How does online technology help sellers rather than buyers?
AIt removes the need to hold any inventory of the goods
BIt lets sellers fix one price across every world market
CIt lets sellers collect data and tailor products and prices
DIt bars buyers from comparing the prices two firms charge
Answer & Solution
Correct answer: C. It lets sellers collect data and tailor products and prices
1. Networks link sellers and buyers more closely than ever before.
2. Buyers use that link to compare products and prices and bargain harder.
3. Sellers use it to collect detailed data on buying habits, preferences and spending limits.
4. With that data they can tailor their products and their prices to individual buyers.
5. Online selling does not remove the need for inventory.
6. The same technology enables rather than blocks price comparison, so the last option is reversed.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 11 "Creating Products and Pricing Strategies to Meet Customers' Needs", section 11.10 Trends in Developing Products and Pricing_
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