Business, 05.02.2021 19:40 kbuhvu

5. Different types of competition have various impacts on businesses. As a business owner, you may encounter other businesses that compete with yours directly or indirectly, or even as substitutes to your business. Suppose your business is a gym and you specifically focus on offering personal training to hardcore weightlifting enthusiasts for customized workouts. How would similar businesses impact your business? What types of business would be considered direct, indirect, and substitute businesses to compete with yours? What would be your competitive advantage? Explain the impact, give one example of each type of competitor, and identify your competitive advantage.

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5. Different types of competition have various impacts on businesses. As a business owner, you may e...