In an industry,the products or services provided by a firm's direct competition meet approximately the same customer needs in the same way as the products or services provided by the firm itself,whereas substitutes meet approximately the same customer needs but do so in different ways.

Question

Quizplus · Accepted Answer

This statement accurately describes the difference between direct competition and substitutes in an industry. Direct competitors provide similar products or services in the same way, while substitutes may offer different solutions to the same customer needs.

In an Industry,the Products or Services Provided by a Firm's