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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business
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industry
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competitor
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strategic
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market
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Detailed explanation-1: -Once a firm decides to enter an industry and chooses a market in which to compete, it must gain an understanding of its competitive environment. This challenge can be undertaken by completing a c. competitor analysis. This is what firms do in order to understand the entities they will compete against.
Detailed explanation-2: -Cost leadership, differentiation, and focus strategies are Porter’s competitive strategies. Companies can gain a competitive advantage by delivering superior value to customers. The three value disciplines are product leadership, customer intimacy, and operational excellence.
Detailed explanation-3: -Cost leadership strategy. Differentiation leadership strategy. Cost focus strategy. Differentiation focus strategy. 10-Mar-2023