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. 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. all companies that sell goods and services are indirect competitors.

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. 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. all companies that sell goods and services are indirect competitors.

Answer

Brief Explanations:

  1. Knowing competitors' strengths and weaknesses is crucial for a business to strategize, so the first statement is false.
  2. Direct competition indeed involves companies offering the same products or services, so the second statement is true.
  3. Indirect competition refers to businesses with different offerings but fulfilling the same need, so the third statement is true.
  4. Not all companies selling goods and services are indirect competitors; it depends on whether they satisfy the same need, so the fourth statement is false.

Answer:

  1. False
  2. True
  3. True
  4. False