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Question : Which of the following is a component of the competitive environment?
 


 

Option 1: Suppliers

Option 2: Customers

Option 3: Economic conditions

 

Option 4: Technological advancements


Team Careers360 5th Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

Correct Answer: Suppliers


Solution : The correct answer is (A) Suppliers

Suppliers are a component of the competitive environment. The competitive environment includes entities and factors that directly impact a company's competitiveness and its ability to serve its customers. Suppliers are one of these entities as they provide the resources and materials necessary for a business to produce its goods or services, and they can influence a company's cost structure and product availability. While customers, economic conditions, and technological advancements are important factors, they are typically considered elements of the broader business environment rather than the competitive environment.

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