INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Companies have been forced to pay more attention to the specific needs of consumers because of
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merchandising
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advertising
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automation
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competition
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Explanation:
Detailed explanation-1: -Competition in business decreases an individual companies market share and shrinks the available customer base, especially if demand is limited. A competitive market can also force lower prices to stay competitive, decreasing profit margins for each sale or service. An extreme example is a Flooded Market.
Detailed explanation-2: -Basic economic theory demonstrates that when firms have to compete for customers, it leads to lower prices, higher quality goods and services, greater variety, and more innovation.
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