A firm defines its line of business broadly to take advantage of potential opportunities. For example, instead of classifying itself as a manufacturer of high fidelity equipment, it views itself as an entertainment technology firm. The firm
A) defines competition in generic terms.
B) practices marketing myopia.
C) practices mass marketing.
D) has a flexible corporate culture.

Question

Quizplus · Accepted Answer

The firm defines its line of business broadly to take advantage of potential opportunities. This means that the firm is not limiting itself to a specific product or market, but is instead looking at the broader industry in which it operates. This is an example of defining competition in generic terms, which is the correct answer.

A Firm Defines Its Line of Business Broadly to Take