If a business wishes to offer a product or service similar to one that is already in the market, they should:

Question

Quizplus · Accepted Answer

Trying to compete solely on price can lead to a price war and hurt profits for both businesses. Instead, the business should strive to differentiate their product or service in some way to make it unique and more appealing to potential customers. This could be through better quality, additional features, better customer service, or any number of other factors. This will allow the business to create a competitive advantage and stand out in the market. Simply copying and making their product or service look the same as the existing one will not lead to success as there will be no reason for customers to switch to the new one.

If a Business Wishes to Offer a Product or Service