What are barriers to entry in an industry?

Barriers to entry refer to conditions that prevent new companies from entering an industry effectively. These barriers can take various forms, including high startup costs, regulatory requirements, access to distribution channels, and established brand loyalty among consumers. When these obstacles exist in a market, they can protect established firms from new competition, allowing them to maintain their market share and influence.

The other options do not accurately capture the concept of barriers to entry. Strategies for enhancing product visibility focus on marketing and sales tactics, methods for improving employee retention relate to human resources and workforce management, and techniques for increasing consumer engagement center on customer interaction and experience. While all these factors can play a role in a business's success, they do not pertain to the fundamental economic concept of barriers to entry within an industry.