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
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.
Question : Which of the following is NOT a component of the competitive environment
Option 2: Competitors
Option 3: Customers
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