The firm who is a runner- up in an industry but that is fighting to increase its market share is known as the market:
A) challenger.
B) follower.
C) leader.
D) nicher.
E) structure.

Question

Quizplus · Accepted Answer

A firm that is a runner-up in an industry but is fighting to increase its market share is known as a challenger. This term is used in marketing and business strategy to describe a company that is trying to gain market share from its competitors, often by offering better products or services, lower prices, or other competitive advantages. Follower refers to a company that follows the lead of the market leader or challenger, while leader refers to the company that has the highest market share in an industry. Nicher refers to a company that specializes in serving a specific niche or segment of the market, while structure is not a relevant term in this context.

The Firm Who Is a Runner- Up in an Industry