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Note that your final mark will not be saved in the system.
3.2.6 - Competitive environment MatchUp
Target Level
4-5
Running Total
0
0%
Attempt
1 of 3
Click on a top box, then click on its match below. Or, drag a top box and drop it onto the correct match. Match all pairs before clicking ‘Check’.
Low prices
Online using e-commerce
Monopoly
A business selling a product or service that a consumer considers a suitable alternative to the original business's product or service
Change in interest rates
Focus on USP (unique selling point) and persuasive marketing
High prices
Locally, nationally, internationally
Pay a consultant for detailed, focused advice
Barriers to entry
Impact on prices where there are many businesses competing with each other to attract customers
Impact on prices where there are few businesses offering the product
These prevent or discourage new businesses from entering a market
The name of a market where there is only one business
A key technique used to compete where there are few businesses in the market
Businesses face uncertainty due to this economic change which results from the Monetary Policy Committee meetings (eight per year)
What is a business competitor?
Where might markets be found?
How might a medium-sized business best target an international market?
A sole trader is worried about changes in legislation. How can this risk be managed?