Question

What impact has global competition had on business activities in the international marketplace?

A) It has shifted the focus from a consumer's market to a seller's market.
B) It has increased product life cycles.
C) It has put more power in the hands of the customer.
D) It has reduced the competitive spirit of most businesses in a marketplace.
E) It has limited the choices of the consumers.

Answer 1

Global competition in the international marketplace has shifted the focus to sellers, empowered customers, and increased product life cycles.

Step-by-step explanation:

The impact of global competition on business activities in the international marketplace has been significant. It has led to several changes:

1. It has shifted the focus from a consumer's market to a seller's market. Previously, businesses had the power to dictate terms, but with increased competition, they now have to cater to the demands of the customers.
2. It has put more power in the hands of the customer. With numerous options available in the global marketplace, customers have the ability to choose from a wide range of products and services.
3. It has increased product life cycles. In order to stay competitive, businesses constantly have to innovate and improve their products, leading to longer product life cycles.