Business Unit 2 Flashcards
(8 cards)
1
Q
A
2
Q
Influence of competition has on a business
A
+ innovation
+ branding
Ops to create niche market
+ diff and USP
Customer needs met
3
Q
Ad and dis of competition
A
AD
+efficiency
+quality and choice
+ customer service
+MS
+ innovation
- prices
Looks for tech advances
DIS
+risk of unemployment
Social and ethical issues
+ risk of unfair trade
Child labour and exploitation
4
Q
Def of market size and how it is measured
A
Refers to volume (units)/value of sales generated by individual firms who make up the industry
No.of units sold
Monetary value of sales
5
Q
A
6
Q
Market share formula
A
Sales / tot market size X 100
7
Q
Def of market structure
A
Characteristics and organisation of a market
8
Q
Def of
- perfect comp
- competitive
- oligopoly
- monopoly
A
- many firms selling identical products
- many sellers but diff products
- limited no of large firms compromising an industry
- single seller
