Choose LIGHT if the Statement is False, choose LITE if the statement is True Competitor Myopia refers to ignoring or underestimating the threat * 1 point posed by potential competitors in favor of focusing solely on current competitors. There is pure competition in industries when numerous competitors * 1 point offer the same product or service. PRODUCT is anything that can be offered for sale to satisfy a need or a * 1 point desire All products follow the product life cycle exactly or go through all four * 1 point stages Metoo or imitative products are new to the market but not to the * 1 point producer Analyze the scenario and determine whether entering a market is 'attractive' or 'unattractive.' Choose 'charrr' if the market is attractive, choose 'charoot' if the market if unattractive There are a lot of strong or aggressive competitors already. * 2 points Profit potential is great, even if the chance of under-performing * 2 points enterprises fighting for existence is higher. The product, as well as the market, have numerous actual or possible * 2 points replacements When buyers possess a strong or growing bargaining power * 2 points Suppliers can raise prices or reduce the quantity of product supplied * 2 points due to their bargaining power