The question "What does a firm need to survive competition?"
A)can be addressed through analysis of competitors using all possible means, even at the edge of legality and ethics.
B)can be addressed by studying very carefully the two largest rivals in the industry.
C)requires an understanding of the current and future basis of competition specific to the industry.
D)Can never be answered clearly, because competitors will not divulge what they are doing.

Question

Quizplus · Accepted Answer

To survive competition, a firm needs to understand the current and future basis of competition specific to its industry. This will help the firm to identify its competitive advantage, stay ahead of competitors, and adapt to changing market conditions. Option A is not advisable, as it suggests unethical practices for analyzing competitors. Option B limits the scope of analysis to only two rivals, while there may be other potential competitors. Option D is also incorrect, as firms can gather information about competitors through legitimate means, such as market research and industry reports.

The Question "What Does a Firm Need to Survive Competition