Competition in the Marketplace

A business that can produce and/or sell their services better than their competitors is said to have

• an absolute advantage

• a price advantage

• a competitive advantage

• a competitive edge

Which three of the following are areas a business can lead in to be competitive in their market?

• Price

• Speed of delivery

• Quality

• Quantity

• Warranty

There are a number of strategies a business can implement in an attempt to gain a competitive advantage. One strategy is to make the product __________than its competitors.

• stand out more

• more expensive

• the same

• have more defects

Investing funds in products to create new products or improve existing products.

• Research and Development

• Differentiation

• Operations management

• Lowering costs

Corporate Socially Responsible strategies include:

• Minimizing impact on the environment

• Having sales

• Donating profits to charities

• Paying employees a fair wage

The use of robotics in manufacturing is an example of…

• strategic planning

• process innovation

• product innovation

• blended marketing

Which of the following is not a type of cost incurred by a business?

• Wages

• Advertising

• Net Profit

• Sales revenue

R&D is an abbreviation for...

• Research and Development

• Rewards and Dividends

• Recruitment and Delivery

• Research and Differentiation

Which of the following refers to moving a company’s processes or services overseas?

• Offshoring

• Outsourcing

• Restructuring

• Differentiation

Which of the following is not a way that a business can compete on quality?

• Inspecting products to reduce defects

• Reducing prices

• Responding to customer needs immediately

• Complying with design specifications