Asked by Vansh Arora on Jun 16, 2024
Verified
As a form of __________ competition, bicycles can solve the same basic need as automobiles, albeit with a very different product.
A) regular
B) generic
C) brand
D) total budget
E) product
Generic Competition
The competition that occurs when generic products or services compete with branded ones, typically offering similar benefits at lower costs.
Basic Need
Essential requirements for human survival and well-being, such as food, water, shelter, and clothing.
Total Budget
Total Budget refers to the combined allocation of financial resources covering all aspects and departments of an organization within a specific timeframe.
- Understand the concept of generic competition and its examples.
Verified Answer
ND
Nicole DiodatiJun 18, 2024
Final Answer :
B
Explanation :
Generic competition refers to the competition between products that can fulfill the same need or desire, even if they are different types of products, such as bicycles and automobiles for transportation.
Learning Objectives
- Understand the concept of generic competition and its examples.