competition and competitive markets

0.0(0)
studied byStudied by 0 people
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/5

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

6 Terms

1
New cards

ways to compete

  • wider product range

  • lower prices

  • better design

  • higher quality

  • more convenient locations

  • strong brand image

  • better customer service

2
New cards

differentiate products

position their products and target different market segments

gain an advantage over rivals wen faced with competition

3
New cards

why differentiate products

allows consumers to see clearly that their needs are being met more effectively by one product than another

4
New cards

competitive market

there are a larger number of businesses relative to the number of potential customers

competition is also high in markets where businesses sell very similar products and services that are difficult to differentiate

5
New cards

competition and business decision making

  • improving efficiency

  • finding ways to improve competitiveness

  • differentiating products and services

  • lowering its prices

  • giving customers special offers

  • cutting costs

6
New cards

drawbacks of highly competitive markets

  • lower prices in order to compete

  • accept lower profit margins

  • cut back on expenditure

  • be careful about how and when it expands

  • monitor its competitiors closely