ENTREPRENEURIAL OPPORTUNITIES
COMPETITIVE ANALYSIS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Businesses that sell a different product or service, but that still fill the same customer need or want, are your indirect competitors
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Definition: Indirect competition, also known as substitutes, is when two or more businesses offer different products or services and compete for the same market to satisfy the same customer need.
Detailed explanation-2: -Direct competition means that two or more businesses offer the same product or service and compete for the same market, to satisfy the same customer need.
Detailed explanation-3: -a product that is in a different category altogether but which is seen as an alternative purchase choice; for example, coffee and mineral water are indirect competitors.
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