Question

Discussion about competitive market in business management

Answer 1

A competitive market is a theoretical economic term to define a market where there is a large number of buyers and sellers and none has the ability to affect the market individually. A competitive market must have no barriers to entry, have many buyers and sellers and products must be homogeneous.

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Answer 2

The competitive market plays a very important role in business management.

Explanation:

1. Business management is a process that includes a wide arena of activities that are to be performed within a business organization to ensure its survival as well as success in the market.
2. The competitive market plays a very important role in business management.
3. The present level of competition, the potential of entry of new competitors, strategies of the competitors, etc affect the management as well as activities of one firm.
4. One cannot ignore competitors and their activities in the market if they want to survive in the market.