Global competition has increased the options for consumers and has made it more imperative for firms to identify the needs of customers in order to earn above-average returns.

Question

Quizplus · Accepted Answer

Global competition has increased the number of options available to consumers and has put pressure on firms to understand customer needs in order to succeed and achieve higher profits. This statement reflects the idea of market orientation, where firms focus on meeting the demands of the market and delivering superior value to consumers.

Global Competition Has Increased the Options for Consumers and Has