Mark Is Setting Up His New Business

question 29

Multiple Choice

Mark is setting up his new business.He has defined the industry in which he is competing and has also defined his customers.In the context of conducting an external analysis, which of the following should be Mark's next step?

• A)Mark should examine and develop insights about substitutes.
• B)Mark should draw a set of competitive maps.
• C)Mark should research the industry.
• D)Mark should develop an understanding of his competitive advantage.

---

Definitions:

Founders

Refers to the individuals who played a significant role in establishing an institution, nation, or organization, often used in the context of the founding fathers of the United States.

Philosophical Principles

Fundamental truths or propositions that serve as the foundation for a system of belief or behavior or for a chain of reasoning.

Commerce

The activity of buying and selling, especially on a large scale, encompassing legal, economic, political, social, cultural, and technological systems.

Private Property

A legal designation for the ownership of property by non-governmental legal entities or individuals, allowing for the use, enjoyment, and disposal of the property.