A group of companies offering products or services that are close substitutes for each other is referred to as a(n)
A) strategic group.
B) market segment.
C) sector.
D) supplier.
E) industry.

Question

Quizplus · Accepted Answer

An industry consists of companies that offer products or services that are close substitutes for each other, meaning they serve a similar purpose or fulfill a similar need for consumers.

A Group of Companies Offering Products or Services That Are