Answer:
Competitors and suppliers play a crucial role in shaping the success of a business. The presence of strong competitors in the market can increase the level of competition and put pressure on a business to perform better in terms of quality and pricing. This can result in businesses innovating and improving their offerings to stand out from the crowd. On the other hand, having weaker competitors can result in a lack of competition and less motivation for businesses to improve their offerings. In either case, it is important for businesses to keep a close eye on their competitors and adjust their strategies accordingly.
In terms of supplies, the availability and quality of raw materials and components can greatly impact a business's ability to produce its products or deliver its services. A dependable and consistent supply chain is crucial for a business to maintain its operations and meet customer demands. On the other hand, an unreliable or inconsistent supply chain can result in production disruptions, delays and increased costs. It is important for businesses to establish strong relationships with their suppliers and to have contingency plans in place to minimize the impact of supply chain disruptions. By considering both competitors and suppliers, businesses can ensure they are well positioned to succeed in the local market.