Competitive Marketing Strategy Question:
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An industry is defined as which of the following-

Answer:

1. Group of firms developing similar products
2. A group of firms that operate in a specific field of expertise
3. Group of firms that offer products that are close substitutes for each other
4. All of the above
5. None of the above

Answer: Group of firms that offer products that are close substitutes for each other

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Volvo views Mercedes as prominent competitor, but does not view Rolls Royce as a competitor as these companies operate in different target markets. What type of competition does this represent?The launch of store own brands such as Tescos Butter me up has had what effect on the competitive environment-