Question

Which of the following environmental forces is most likely to result in the replacement of existing products or companies?

a) Social factors
b) Economic factors
c) Technological factors
d) Competitive factors

Answer 1

Technological factors are most likely to result in the replacement of existing products or companies, as they can rapidly and profoundly change market dynamics and create new business models.

Step-by-step explanation:

Among the environmental forces that can result in the replacement of existing products or companies, technological factors are most likely to be the driving force. Technological advancements constantly change how companies operate and the products they offer. For instance, the development of the internet and smartphones has reshaped entire industries, rendering certain products obsolete and giving rise to new business models. These innovations have the potential to disrupt market dynamics, create new markets, and outmode existing products or services more rapidly and profoundly than other factors such as social, economic, or competitive forces.