VCE BM U4 AOS1 Vocabulary

VCE BM U4 AOS1 Vocabulary

11th - 12th Grade

52 Qs

quiz-placeholder

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VCE BM U4 AOS1 Vocabulary

VCE BM U4 AOS1 Vocabulary

Assessment

Quiz

Business

11th - 12th Grade

Practice Problem

Easy

Created by

Cindy Lei

Used 5+ times

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52 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

obstacles or high costs that prevent new competitors from entering an industry

Barriers to entry

Economies of scale

Legislation as a restraining force

Industrial action

2.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

the alteration of behaviours, policies and practices of a business.

Business change

Driving force

Restraining force

Porter's generic strategies

3.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

the conditions or attributes that places a business in a superior position compared to its immediate competitors

Competitive advantage

Barriers to entry

Differentiation

Innovation

4.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

other businesses within the same industry that sell similar goods or services to a business

Competitors

Globalisation

Industrial action

External environment

5.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

this factor will help make changes happen, because all businesses must respond appropriately to changes made by rival firms to survive

Competitors as a driving force

Globalisation as a driving force

Innovation as a driving force

Legislation as a driving force

6.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

purchase products or services primarily based on price. If another business offered a cheaper alternative, these customers would likely switch immediately

Cost-conscious customers

Competitors

Perceived value

Societal attitudes

7.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

offers customers unique services or product features that are of perceived value to customers which can then be sold at a higher price than competitors

Differentiation strategy

Perceived value

Point of differentiation

Innovation

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