2.6 - The Competitive Markets Flashcards
Where does a market exist?
Where there sre buyers and sellers who exchange goods and services for money
What is a competitor to a business?
Any business that sells similar products or services
What does ‘competition’ mean in business?
When there is more than one business trying to compete for the same customers in a market
What does USP mean in business?
Unique Selling Point
What is a monoply?
When one business dominates the whole market
What is risk?
The possiblilty of something going wrong
What does ‘internal risks’ mean in business?
Things that can go wrong inside a business
What does ‘external risks’ mean in business?
Things that can go wrong outside a business
What are some internal risks a business may have?
Employees going on strike
Fire or theft
Losing good employees to competitors
What are some external risks a business may have?
New competitors
Natural disasters
New laws
What are some things a business can do to minimise risk?
Write a business plan
Use experts and consultants
Invest in training employees
