In an industry,the products or services provided by a firm's rivals meet approximately the same customer needs in the same way as the products or services provided by the firm itself,whereas substitutes meet approximately the same customer needs but do so in different ways.

Question

Quizplus · Accepted Answer

This statement accurately describes the difference between rivals and substitutes in an industry. Rivals offer similar products or services that meet the same customer needs in a similar way, while substitutes offer different options that meet the same needs in different ways.

In an Industry,the Products or Services Provided by a Firm's