Answer:
All
Step-by-step explanation:
When a new competitor opens up across the street, it imposes several types of risks on the existing business, including:
a. Business Risk: The new competitor can directly impact the existing business's profitability and sustainability. It may attract customers away from the existing business, resulting in a loss of market share and potential revenue. The existing business may need to adjust its strategies, pricing, or product offerings to remain competitive.
b. Market Risk: The entry of a new competitor can disrupt the market dynamics. It may lead to increased competition, price wars, or changes in customer preferences. The existing business may need to adapt to these changes to retain its customer base and maintain its market position.
c. Reputational Risks: The presence of a new competitor can challenge the reputation and brand image of the existing business. If the new competitor offers better products, services, or customer experiences, it may negatively impact the perception of the existing business. This can result in a loss of customer trust and loyalty.
d. Regulatory Risk: The entry of a new competitor may introduce new regulations or compliance requirements in the industry. The existing business may need to ensure that it complies with these regulations to avoid penalties or legal issues. Failure to adapt to new regulatory changes can pose a risk to the existing business's operations and reputation.
It is important for the existing business to assess and mitigate these risks by continuously monitoring the market, understanding customer needs, improving its offerings, and maintaining a strong brand reputation.