Discuss the Difference Between a Company's Rivals and Its Substitutes

question 34

Essay

Discuss the difference between a company's rivals and its substitutes and discuss the role substitutes play in an industry.

---

Definitions:

Output

The final product, result, or amount produced by a process, system, or activity.

People

Refers to individuals or groups involved in a specific context or situation, such as employees within an organization or customers in a business setting.

Knowledge Workers

Employees valued for their ability to interpret and analyze information, often contributing to innovation and strategic planning in a business.

Lower-Level Managers

Managers who supervise routine tasks and the day-to-day operations of a business, often directly managing non-managerial employees.