ENTREPRENEURSHIP

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: -Business competition is the contest between organizations that provide similar products or services or that target the same audience of consumers. Businesses compete to convert and retain customers, increase revenue and gain more market share.

Detailed explanation-3: -Economists have identified four types of competition-perfect competition, monopolistic competition, oligopoly, and monopoly.

Detailed explanation-4: -Also called market competition, business competition is usually a fact in a profitable market – many players produce similar products, sell through similar channels, and even target the same audience.

Detailed explanation-5: -Competition can be either direct (competing by selling the same products) or indirect (competing for the same market). The intensity of that competition, whether direct or indirect, will affect the overall potential for success of your business.