BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -The correct answer is Option A) In the extreme, substitutes can ultimately replace an industry’s products or services.
Detailed explanation-2: -The answer to the given question is True. The substitute products can be found in the same industry because substitute products have very similar characteristics to a given product.
Detailed explanation-3: -A substitute product is defined as a product or service that is used in place of another. It is also similar enough to be used for the same function.
Detailed explanation-4: -A substitute is a product or service that can be easily replaced with another by consumers. In economics, products are often substitutes if the demand for one product increases when the price of the other goes up.