The threat of substitutes can reduce the power of a business.

Name: The threat of substitutes can reduce the power of a business.
Brand: Quizplus
Rating: 4.9 (48 reviews)

Question

Quizplus · Accepted Answer

If there are substitutes available for the product or service offered by a business, customers may switch to those substitutes, reducing the demand for the business's offering and thus reducing the power of the business. Therefore, the threat of substitutes can indeed reduce the power of a business.

The Threat of Substitutes Can Reduce the Power of a Business