U4L5 HW Intro on Flashcardizz

Front

What does the competitive market consist of?

Back

All sellers of a specific product

Front

What is market share?

Back

The percentage of total market sales a company has

Front

How can a company increase their market share? Options: Decrease the overall size of the market, Increase the overall size of the market, Reduce product quality, Increase product prices

Back

Increase the overall size of the market

Front

What is direct competition?

Back

Occurs between similar products.

Front

What is indirect competition?

Back

Occurs between products that are not the same but could satisfy the same want/need.

Front

On what factors do products compete? Options: Convenience, Degree of service, Selection; Reputation, Price, Selection; Location, Free delivery, Extras;

Back

Quality, Price, Product Design

Front

Which of the following is a factor on which services compete? Features, Benefits, Convenience, Product Design

Back

Convenience

Front

What is an example of a feature that products might compete on?

Back

A special quality of the product

Front

What does the term "degree of service" refer to in the context of service competition?

Back

Extras provided in a luxury hotel room

Front

What does USP stand for in marketing?

Back

Unique Selling Proposition