NFTE UNIT 3 Week 15 & 16

Someone or something that is trying to beat or do better than others in a contest or in the selling of goods or services; a rival

• Competitor

• Friend

• Foe

Unique characteristic that distinguishes your business from other businesses.

• Denominator

• Differentiator

• Domain

A business that sells similar products or services.

• Indirect Competitor

• Competitive Edge

• Direct Competitor

The economy of the world, or the economy we share across borders.

• Community Economy

• Destination Economy

• Global Economy:

A business that sells a different product or service, but still fills the same customer need or want.

• Indirect Competitor

• Direct Competition

• Indirect Company

A business that sells similar products or services and has the same focus.

• Weak Competition

• Strong Direct Competition

• Indirect Competition

A business that sells similar products or services and has a different focus

• Indirect Competiton

• Incomplete Competition

• Weak Direct Competition

Something that puts your business ahead of the competition

• Competitive Advantage

• Vantage Point

• Total Competition

Grid used to compare characteristics of your business with those of your direct competitors.

• Supply and Demand Curve

• Competitive Matrix

• Slope Analysis

There are often multiple businesses in the same industry in a given area.

• True

• False