Final answer:
Market knowledge refers to the information and understanding of a specific market, which is important for businesses to make informed decisions and compete effectively. Maintaining adequate market knowledge on a large area can be challenging due to the vastness and diversity of factors. However, businesses can overcome this challenge through technology, market research tools, and partnerships.
Step-by-step explanation:
Market knowledge refers to the information and understanding of a specific market, including its trends, competitors, customer needs, and other relevant factors. It is important for businesses to have adequate market knowledge in order to make informed decisions and effectively compete in the market.
In the context of the given statement, maintaining adequate market knowledge on a large area can be challenging due to the vastness of the area and the diverse factors that influence the market in different locations. For example, if a business operates in multiple countries or regions, it would need to gather and analyze market data from each location, which can be time-consuming and costly.
However, businesses can overcome this challenge by utilizing technology and market research tools that enable them to collect and analyze market data more efficiently. They can also utilize partnerships or local representatives in different areas to gather insights and stay informed about the market conditions in those regions.