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Competition

memorize.ai (lvl 286)

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Section 1

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What are different ways to compete?

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Competition Prep

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (8)

Section 1

(8 cards)

What are different ways to compete?

Front

Wider product range, better customer service, stronger brand image, more convenient location and better design.

Back

What are some decisions involved in a highly competitive market?

Front

Improving efficiency, differentiating its products and services, lowering its prices, giving customers special offers and cutting costs.

Back

What does this mean?

Front

This means that businesses mainly compete on price, although quality may be considered. On the other hand, cakes and confectionery products can be highly differentiated which allows businesses to compete in several ways.

Back

Give an example of a competitive market.

Front

The market for sugar is highly competitive because there is little difference between one producer's sugar and another's.

Back

Product Differentiation

Front

A positioning strategy that some firms use to distinguish their products from those of competitors

Back

How does product differentiation help businesses?

Front

It enables them to position their products and target different market segments. It allows them to gain an advantage over rivals when faced with competition.

Back

What is a competitive market?

Front

A market is competitive when there are a large number of businesses relative to the number of potential customers. It is also high in markets where businesses sell very similar products that are difficult to differentiate.

Back

What will a business have to implement in a highly competitive market that can be regarded as drawbacks?

Front

Lower prices in order to compete, accept lower profit margins, cut back on expenditure and monitor its competitors closely.

Back