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What is an industry?
(a) Industry is a group of diverse businesses under common owners.
(b) Industry is a group of firms whose products have same and similar attributes such that they compete for the same buyers.
(c) Industry is any business organization engaged in manufacturing activities.
(d) All business organizations excluding those in service sector are industry.
If you were marketing a lower cost ($20-$50) product in a highly competitive field, which of the four Ps would you prefer to have an advantage over your competitors, and why?
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