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Competition

memorize.ai (lvl 286)

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Section 1

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Production 1

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (12)

Section 1

(12 cards)

Production 1

Front

The process of making or growing things to be sold as products, usually in large quantities

Back

Mass consumption

Front

The use or purchase of goods or services by a large number of people

Back

barrier to entry

Front

any factor that makes it difficult for a new firm to enter a market

Back

Market share

Front

the portion of a market controlled by a particular company or product

Back

Differentiate

Front

When a company differentiates its products, it shows how they are different from each other and from competing products

Back

core business

Front

central activity of a company

Back

Switch

Front

To change from one thing to another, usually suddenly

Back

economies of scale

Front

factors that cause a producer's average cost per unit to fall as output rises

Back

Mass market

Front

Describes the largest group of customers with specific needs and wants in an industry

Back

Production 2

Front

An amount of something that is produced

Back

Profit margin

Front

Difference between the price of a product or service and the cost of producing it, or between the cost of producing all of a company's products or services and the total sum they are sold for

Back

Competitive advantage

Front

An advantage over competitors gained by offering consumers greater value

Back