Often Small Firms Seek to Establish a Particular Niche in the Market

question 15

Multiple Choice

Often small firms seek to establish a particular niche in the market that closely serves the needs of certain customers. When a number of small businesses operate in this manner, it forces larger businesses to recognize and account for their influence on the market. This is an example of small businesses doing which of the following?

• A) providing competition
• B) providing technical innovation
• C) creating jobs
• D) avoiding downsizing

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Definitions:

Analogies

Comparisons made between two things that are otherwise unlike, intended to explain or clarify some unfamiliar or difficult idea or object by associating it with something more familiar.

Mathematical Operations

Basic procedures, including addition, subtraction, multiplication, and division, used in mathematics to calculate and solve problems.

Schema

A cognitive framework or concept that helps organize and interpret information in the brain.

Assimilation

The process of absorbing new information into our existing cognitive frameworks, often discussed in the context of learning and cultural integration.