To whom would the concept of 'barriers to entry' refer when considering opportunities in a business plan?

The concept of 'barriers to entry' primarily refers to the obstacles that new competitors face when attempting to enter an industry or market. These barriers can take various forms, such as high capital requirements, economies of scale that favor established companies, or strong brand loyalty that makes it difficult for new entrants to gain market share. By understanding these barriers, a business can assess the competitive landscape and better formulate its strategy in response to the existing players.

Competitors are directly impacted by these barriers because they determine how easily new companies can disrupt the market. A strong understanding of barriers to entry helps existing competitors maintain their market positions and profits, setting the stage for strategic decisions regarding pricing, marketing, and investment.

Considering barriers in context, customers, government agencies, and suppliers are less directly related to the concept. While they may influence market dynamics, they do not embody the essence of entry barriers that competitors typically face.