Question

Once a firm decides to enter an industry and chooses a market in which to​ compete, it must gain an understanding of its​ _____ environment.

Answer 1

Answer: Competitive environment.

Explanation:

The competitive nature of a market, is the level to which sellers present in the market compete for available buyer in the market.

A company entering a competitive market newly, needs to carefully study their competitors, to knows areas they can perform much better than their competitors in.