How do Businesses Compete?

How do Businesses Compete?

Open Ended

What is the goal of any business?

Multiple Select

Businesses make a profit by providing _____ & ________.

• goods & services

• wants & needs

• capital & capital goods

• labor & management

Profit

• def: financial gain, the difference between the amount earned and the amount spent

• The money left over after all business expenses are paid

• supplies, production costs, salaries, rent, utilities, advertising, taxes, etc.

Multiple Choice

One of the advantages of a mixed (free enterprise) economy is ______ among businesses.

• cooperation

• competition

• friendship

• sympathy

Multiple Choice

What could be one negative effect of competition driving prices down?

• low supply

• high demand

• Producers might not make enough profit to continue their business

• Producers might make more than enough to continue their business

Multiple Select

If Burger King introduces a new menu item, how might that affect the business of McDonald's?

• McDonald's might introduce their own new sandwich

• McDonald's will go out of business

• McDonald's will offer a new deal or special

Multiple Choice

Offering curbside pickup or delivery would be which type of business strategy?

• economic incentives

• lowering prices

• better quality

• better customer service

Poll

If there are 2 pizza restaurants in town, both known for their delicious pizzas, how would you decide which restaurant to order from?

• Better prices

• Faster delivery times

• More menu options

• Cleaner facility

Open Ended

What is one way that businesses can compete against each other for consumers' money?

Strategies

• Lowering Prices

• Advertising

• Better Products

• Better Customer Service

• Economic Incentives

Multiple Select

What would be an example of an economic incentive?

• a new product

• a buy one get one free deal

• 1/2 price sale

• opening a new store

Multiple Choice

A group of people identified as likely customers is called the...

• public

• producers

• market research

• target audience

Multiple Choice

Gathering information about consumer's wants and needs is called...

• market analysis

• market research

• target marketing

• market competition

Multiple Select

Which of the following would be the best way of advertising to a teenage target audience? Choose the best 2 methods.

• newspaper

• TV commercial during a daytime soap opera

• Tik Tok

• podcast

• email

Open Ended

Up until now there's only been one Chinese restaurant in town. However, there's a new Chinese buffet opening soon. How will this affect the current Chinese restaurant in town?

Open Ended

How will this affect the people who love Chinese food in town?

Open Ended

What type of business do you think we have a need for in town?