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Who is a competitor in business?

Answer and explanation

Correct answer: Someone who sells similar products or services

A competitor is another business that offers the same or a similar product or service to satisfy some of the same customer needs. Studying competitors can help a firm compare price, quality, features, and service, but it should compete ethically. A person who is only a customer or someone outside the market is not a competitor. Hence, A is correct.

Related tags

CompetitionMarket AnalysisBusiness RiskBusinessTrade And CommerceBusiness Trade And CommerceBusiness StudiesClass 11 Mcq

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