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.
Frequently asked questions
What is the correct answer to this question?
Someone who sells similar products or services
Why is this the correct answer?
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.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Business, Trade and Commerce. Topic: Business Risk.
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