Question : Which of the following is NOT a component of the competitive environment
Option 1: Suppliers
Option 2: Competitors
Option 3: Customers
Option 4: Technological advancements
Correct Answer: Technological advancements
Solution : The correct answer is (D) Technological advancements
The competitive environment refers to the factors and entities that directly compete with an organization in the marketplace. It involves understanding and analyzing the competitive landscape to identify competitors, their strategies, and the dynamics of the market.
Technological advancements, on the other hand, are not typically considered a component of the competitive environment. Technological advancements can be an external factor that impacts the overall business environment, including the competitive landscape, but they are not directly part of the competition itself. Technological advancements can influence the strategies and competitiveness of organizations but are not considered competitors in themselves.
