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Why should an entrepreneur study competitors?

Answer and explanation

Correct answer: To understand own strengths and needed improvements in the market

Competitor analysis reveals existing prices, features, service standards, customer preferences, and gaps in the market. An entrepreneur can use this information to identify a distinctive advantage and improve weak areas, while still making independent decisions. The purpose is not to copy everything, confuse customers, or abandon the venture. Therefore, A correctly states the value of competitor study.

Related tags

CompetitionMarket-AnalysisEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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