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
Answer (1)
17th Jan, 2024
Correct Answer: Suppliers
Solution : The correct answer is (A) Suppliers
Suppliers are a component of the competitive environment. In a business context, the competitive environment includes factors like suppliers, customers, competitors, and potential entrants into the market. Suppliers are a crucial part of this environment because they can impact a company's access to necessary resources and influence its cost structure and competitiveness.
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