1.2.4 The competitive enviroment Flashcards by Kushmita Ramphul

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Q

How does the number of competitors affect a market ?

A

More competitors increase customer choice but reduce profit margins.

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Q

What is product differentiation?

A

Product differentiation is the unique features that make a product stand out .

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Q

Name five ways a business can compete in a competitive enviroment?

A

Price : Offering a competitive or lower price
Quality:Offering superior quality and reliability
Customer service: Outstanding support and care
Innovation: Introducing new or improved products
Branding:Building a strong, recoginizable identity

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Q

What are three impacts of competition on businesses?

A

Encourages efficency and innovation
2.Forces businesses to improve products/services
3.Can lead to price wars,reducing profit margin

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