competitive environment

What is a competitive environment?

• When there is no competition in the area

• When there are businesses similar in the area

• A dynamic external system in which a business competes and functions

What will lowering prices create?

• lower profits

• higher profits

• no profit

• breaking even

Where would be the best place to start a hairdressing business?

• Sports stadium

• A town centre

• Close to a housing estate

• Close to competitors

What is a good example of good customer service?

• Refunding an item for a customer

• Smiling at customers

• Not listening to customers requests

• Offering your help and service to a customer

What can a business do to stand out?

• change the brand name

• have a logo

• differentiate a product or service

• have a mascot

What can a business do to add value to a product?

• improve quality

• make their prices higher

• make their prices lower

• keep the product the same

Why is important for a business close to similar shops ?

• to sell more products

• to catch possible customers who move from store to store

• increase profit

• to break even

What is goodwill?

• a good deed

• helpful friendly service

• when a business accepts refunds

• no customer service

What is product range?

• producing products that are better than competitors

• having a wide range of products

• having many of the same thing

• having lots of businesses

How could a business improve their product quality?

• charge more for products

• change supplier

• use better raw materials

• meet customer needs