2.5.3 - The Competitive Environment
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6 Terms
What is the competitive environment?
The degree of competition in the market and the buying and selling power of the customer and suppliers within that market
What is competition?
Market structure is the number of firms within an industry and the way in which those businesses behave
What is a competitive advantage?
A feature of a business that allows it to perform more successfully than others in the market
What are some competition strategies?
New product development
Changing existing products
Promotion
Changing prices
Improving distribution network
Quality assurance
Improved customer service
What is market size?
The total volume in a market
What is the formula for market size?
units sold x price
Note 
Flashcards (47)