Business: competition

What is a competitive market?

• A market where there there is only one producer

• A market where the government provides the product

• A market where there are different producers

A market is not very competitive when..[choose TWO answers]

• One business in the market is much bigger than the others.

• There are lots of businesses competing with each other. The businesses are of similar size.

• There are only two businesses in the market.

• There are many small businesses competing with each other.

In which of these markets are IDENTICAL products sold by different businesses?

• Smartphones

• Cars

• Fruit and vegetables

• Holidays

What is the meaning of 'market share'?

• How many different markets a business sells in

• The % of sales in a market by one business

• The value of a business's shares

Which of the following is a way of becoming competitive?

• Making the range of products smaller

• Reducing quality

• Increasing prices

• Improving customer service

Businesses should not offer lower prices and....

• Limited customer service

• More stores

• Higher quality

Businesses that sell very high quality products will often provide..

• Very good customer service

• Low prices

In what ways does this business compete? [choose TWO]

• Excellent customer service

• Many local stores

• Highest quality products

• Low prices

In what ways does this store compete? [choose TWO]

• Lots of local stores

• Excellent customer service

• High quality products

• Low prices

How does this product compete?

• Best customer service

• Strongest brand

• Market leading quality

• Low price