Answer:
b. The competitive pressures associated with rivalry among competing sellers in the industry for buyer patronage.
Explanation:
The Porter’s five forces of competition is a framework developed by Michael E. Porter in 1979, it is used to measure and analyze an organization's competitiveness in a business environment.
The Porter's five forces of competition framework are:
1. The bargaining power of suppliers.
2. The bargaining power of customers.
3. Threat posed by substitute products.
4. Threats posed by new entrants.
5. Threats posed by existing rivals in the industry.
The most powerful of the five competitive forces is usually the competitive pressures associated with rivalry among competing sellers in the industry for buyer patronage. When the amount of competitors (sellers), as well as the quantity of goods and services they provide are large, the lesser their competitive strengths or advantage in the market because the customers have a large pool of finished goods and services to choose from and vice-versa.
D. assets are considered essential in operating a business
Answer:
The correct answer is: Resource development.
Explanation:
Resource development refers to the study of how to optimize the limited resources individuals have to satisfy their needs or that companies possess to manufacture their products. Resource development implies the analysis and implementation of practices that will lead to the effective allocation of resources to maximize the output benefit.
