In: Economics
e. Provide two names of your competitors in the foreign country.
As we know that,there are three primary types of competition: direct, indirect, and replacement competitors. Direct competitors are the most recognizable variety of competitors, while the most difficult type to identify can be the replacement competitors. Competitor as we know is an organization or country engaged in commercial or economic competition with others.
In perfect competition market structure, oligopoly and monopolistic market competition each and every firm has the competitors. Each and every product faces competition. For example when a product is launched in the market it has to face the competition as well.
If my product is mobile phone (The company is nokia)and if i belong to the India, than i have to face the competition from apple , samsung, Lenovo, HP etc. Nokia's top competitors in mobile devices are Samsung, LG, RIM and Sony Ericsson but in its smart phones, they face competition from Apple and RIM.
Apple in USA and MI in china.
Hope you got the answer.
Thanks!