Mastering Competitive Forces
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Questions and Answers

Which of the following best describes the relationship between competition and strategy?

  • Competition is a random occurrence that affects strategy.
  • Competition is a minor consideration in strategy.
  • Competition is a fundamental aspect of strategy. (correct)
  • Competition is a negative aspect of strategy.

    • What does competition in a market involve?

  • Only the potential new entrants.
  • Only the existing players in the industry.
  • Only the customers and suppliers.
  • The industry's underlying economics. (correct)

    • What determines the level of competition in an industry?

  • The level of customer demand.
  • The number of existing players in the industry.
  • The industry's profit potential. (correct)
  • The industry's underlying economics.

    • What is the impact of intense competition and easy entry for new players in a "perfectly competitive" industry?

    <p>It leads to low long-term profitability.</p> Signup and view all the answers

    Which industries are more likely to offer higher profit opportunities?

    <p>Industries with weaker overall competition.</p> Signup and view all the answers

    What are the five key forces that determine the level of competition in an industry?

    <p>Existing players, customers, suppliers, potential new entrants, substitute products</p> Signup and view all the answers

    In a perfectly competitive industry, what is the impact of intense competition and easy entry for new players?

    <p>It leads to poor long-term profitability</p> Signup and view all the answers

    Which industries are more likely to offer higher profit opportunities?

    <p>Soft drinks</p> Signup and view all the answers

    What does competition in a market involve?

    <p>Existing players, customers, suppliers, potential new entrants, substitute products</p> Signup and view all the answers

    Why is competition in an industry not just random or bad luck?

    <p>It's a fundamental aspect of the industry</p> Signup and view all the answers

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