Identify and Briefly Explain Any Three Factors That Intensify Competitive

question 88

Essay

Identify and briefly explain any three factors that intensify competitive pressures stemming from the threat that new firms will enter the industry.

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Definitions:

Social Needs

Fundamental human requirements for well-being that include belonging, affection, and social activities, often met through relationships and community involvement.

Physiological Needs

Basic human requirements for survival, such as food, water, shelter, and clothing, according to Maslow's hierarchy of needs.

Job Enlargement

Job design that expands an employee’s responsibilities by increasing the number and variety of tasks assigned to the worker.

Job Enrichment

Change in job duties to increase employees’ authority in planning their work, deciding how it should be done, and learning new skills.