In a ____ environment, businesses must respond effectively to changes in demand and trends to attract and retain customers. One way they compete is by adjusting their ____ to remain affordable for their target market. Another strategy involves focusing on the ____ of their products or services to build a strong reputation and encourage repeat purchases. Companies may also expand their ____ to appeal to a wider customer base and meet varying consumer preferences. By doing so, businesses aim to differentiate themselves from competitors and maintain their ____ position. Businesses must constantly monitor changes in consumer ____ to ensure their products or services remain relevant. For example, shifts in lifestyle, technology, or economic conditions can create new needs or preferences. When a product or service experiences ____, businesses may need to increase production, improve efficiency, or adjust pricing strategies to maximise ____. Additionally, staying up to date with market ____ is crucial, as these indicate emerging popular styles, behaviours, or expectations among customers. A company that fails to adapt to these changes risks losing its competitive edge. By understanding and responding quickly to these changes, ____ can innovate, improve customer ____, and stay ahead of their competitors.

Competitive environment

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