Question

". Hike and Loiters are two shoe manufacturers. Their products are similar, they are in the same price range, and their consumers keep switching between their products. This makes them:"A) strategic allies.
B) competitors.
C) associates.
D) regulators.
E) suppliers.

Answer 1

Answer: B. Competitors

Explanation: Competitors refers to people of different individuals who are in pursuit of a common goal. In business, competition usually occurs among companies who produce or manufacturethe similar products, offer similar services and share the same target market.

In the scenario above, Hike and Loiters produce similar products in shoes, share the same consumers and offer similar incentive and prices. This factors combine to make Hike and Loiters competitors.