Because the key to success in business is obtaining and keeping customers,the most crucial form of competition is generally ________ competition,in which competition occurs for the same customers.

Question

Quizplus · Accepted Answer

Product form competition occurs when companies offer different variations of the same type of product or service, and they compete for the same customers. For example, different brands of smartphones or different types of coffee. This type of competition is the most crucial because it directly affects the ability to attract and retain customers. Product category competition (B) refers to competition between different product categories but not necessarily for the same customers. Generic competition (C) refers to competition between different products that provide the same benefit, such as headache medicine. Budget competition (D) refers to companies competing on price rather than product differentiation.

Because the Key to Success in Business Is Obtaining and Keeping