for each statement about direct competition and indirect competition, select true or false. note: you will…

for each statement about direct competition and indirect competition, select true or false. note: you will receive partial credit for each correct selection. a business is not affected by knowing the strengths and weaknesses of competitors. all companies that sell goods and services are indirect competitors. direct competition is a company that offers the same thing you offer. indirect competition is a business whose services are different from yours but satisfy the same need. true false

for each statement about direct competition and indirect competition, select true or false. note: you will receive partial credit for each correct selection. a business is not affected by knowing the strengths and weaknesses of competitors. all companies that sell goods and services are indirect competitors. direct competition is a company that offers the same thing you offer. indirect competition is a business whose services are different from yours but satisfy the same need. true false

Answer

Brief Explanations:

  • A business can use knowledge of competitors' strengths and weaknesses for strategy, so the first statement is false.
  • Not all companies selling goods and services are indirect - competitors, so the second statement is false.
  • Direct competition involves companies offering the same product or service, so the third statement is true.
  • Indirect competition is when different products or services satisfy the same need, so the fourth statement is true.

Answer:

  • A business is not affected by knowing the strengths and weaknesses of competitors: False
  • All companies that sell goods and services are indirect Competitors: False
  • Direct Competition is a company that offers the same thing you offer: True
  • Indirect Competition is a business whose services are different from yours but satisfy the same need: True