New Markets Are Often Created When Managers ________

question 52

Multiple Choice

New markets are often created when managers ________.

• A) export ideas from their competitors
• B) focus on strategic convergence
• C) eliminate some nonessential features that industry incumbents take for granted
• D) react defensively to counteract the force of new entrants

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Definitions:

Industry

A category of economic activity related to the production of goods, provision of services, or extraction of resources.

Cutthroat Competition

A market situation characterized by aggressive competition, where companies compete intensely, often at the expense of profit margins.

Covert Collusion

An agreement among competitors to limit competition and fix prices or output levels, done secretly to avoid detection by regulatory authorities.

Competitive Spectrum

The range of competition within a market, from monopolies to perfectly competitive markets, affecting pricing, innovation, and consumer choice.