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Why should an entrepreneur study competitors?

Answer and explanation

Correct answer: To understand own strengths and areas for improvement in the market

Competitor analysis reveals the alternatives available to customers, their prices, features, service levels, and possible strengths or weaknesses. This information helps an entrepreneur identify a genuine point of difference, improve the offering, and make more informed strategic decisions. It does not justify copying or stealing, ignoring customers, or setting prices without analysis. Therefore, A is correct.

Related tags

Competitor-AnalysisStrategyMarket-StudyEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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