Question : Which of the following is a component of the competitive environment?
Option 1: Suppliers
Option 2: Customers
Option 3: Economic conditions
Option 4: Technological advancements
Correct Answer: Suppliers
Solution : The correct answer is (A) Suppliers
Suppliers are a component of the competitive environment. In a business context, the competitive environment includes factors like suppliers, customers, competitors, and potential entrants into the market. Suppliers are a crucial part of this environment because they can impact a company's access to necessary resources and influence its cost structure and competitiveness.
Question : Which of the following is NOT a component of the competitive environment
Option 2: Competitors
Option 3: Customers
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile