How can competition be used positively in business?
Answer and explanation
Correct answer: By improving product, service, and price
Competition gives an enterprise a reason to understand customer expectations and compare its own performance with alternatives. It can respond through better quality, helpful service, fair pricing, or useful innovation. False complaints and arguments are unethical, while reducing quality weakens the business. Thus, option A is the constructive response.
Frequently asked questions
What is the correct answer to this question?
By improving product, service, and price
Why is this the correct answer?
Competition gives an enterprise a reason to understand customer expectations and compare its own performance with alternatives. It can respond through better quality, helpful service, fair pricing, or useful innovation. False complaints and arguments are unethical, while reducing quality weakens the business. Thus, option A is the constructive response.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
