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7. Illustrating the primary economic patterns leading to lock-in and the impact of lock-in on customers...

7. Illustrating the primary economic patterns leading to lock-in and the impact of lock-in on customers and market competition.

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Primary economic patterns like long term contract with vendors, persistence of recession, strong vendor relationships, monopolization of vendor market, etc lead to vendor lockin and customer cannot easily switch to newer vendors.

This leads to limited innovation for customers, high cost and high prices, high customer switching behaviour, lower customer loyalty and hence derails market competition as players tend to offer better products and services with lpwer rates and higher quality to steal away customers.

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