BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Industry
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Market
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Economy
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Entrants
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Detailed explanation-1: -An industry is a group of firms producing products that are close substitutes.
Detailed explanation-2: -Any group of firms producing similar or related goods make up an industry.
Detailed explanation-3: -An industry is a group of companies that are related based on their primary business activities. In modern economies, there are dozens of industry classifications. Industry classifications are typically grouped into larger categories called sectors.
Detailed explanation-4: -The correct answer is c. a group of firms producing products that are close substitutes to serve a particular market.
Detailed explanation-5: -A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.