Ent - Unit 3 Review

Businesses in your market that sell a similar product or service to what your business provides

• Direct competitor

• Indirect competitor

A direct competitor of McDonald's is (check all that apply)

• Burger King

• Taco Bell

• Wendy's

• Chick Fil A

An indirect competitor of Bluebell Ice cream is

• Ben and Jerry's

• Breyers

• Haagen Dais

• A frosty at Wendy's

The percentage of a target market population that is buying a particular product or service from your business

• Total sales

• Market share

• Market price

• Target market

True or False: Only companies that sell the same products as yours are your competitors

• True

• False

True or False: A pizza place and a sandwich shop that can also make pizzas would be a direct competitor

• True

• False

True or False: You will probably have more indirect competitors than direct competitors

• True

• False

True or False: Figuring out what percentage of your market would shop at your store versus your competitors will have you analyze your business opportunity

• True

• False

Incentive that encourages entrepreneurs to take business risks in the hope of making a profit business

• Profit

• Profit motive

• Operating expense

• Target market

Money coming in from sales is larger than the business's expenses

• Profit

• Profit motive

• Operating expense

• Target market