theme 1 Flashcards

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Brand

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A symbol, logo or design that is recognisable and distinguishes a product from competitors.

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Competition

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The rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume.

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Competitive market

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When there are many rivals selling similar products.

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Competitor

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A rival business operating in the same market offering similar goods or services.

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Direct competition

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Businesses produce similar products that appeal to the same group of customers.

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Dynamic market

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A market that is subject to rapid/continuous change.

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Indirect competition

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Different businesses make or sell products that are not in direct competition but compete for the same customer experience.

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Innovation

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The creation, development and implementation of a new product, process or service.

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Market

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Where buyers and sellers interact.

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Market growth

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An increase in demand/sales for a particular product/service.