J Group Mega Quiz

It is a framework or a guide for assessing and evaluating the competitive strength and position of a business organization.

• SWOT Analysis

• Environmental Scanning

• Porter’s Five Forces Analysis

• Marketing Research

In Porter's Five Forces, the 'threat of new entrants' relates to:

• Barriers to entry

• Substitutes

• Switching costs

• Buyer power

Buyer power is high if:

• Differentiation is low

• Switching costs are low

• They have little information

• The buyer requires a high quality product for their own production

A substitute product or service is:

• A competitor's product or service

• An alternative way of meeting the same need

• A new entrant into the industry

• A less attractive way of meeting the same need

Potential entry of new competitors increases when

• the market has significant economies of scale.

• low initial capital investment is required.

• there are strong government regulations.

• brand names are well-known.

Which of these might be considered a substitute for digital cameras?

• Social media apps

• Online news channels

• Digital televisions

• Smartphones

Differentiation strategy is best described as one in which firms seek a competitive advantage:

• through establishing their uniqueness

• through having a lower cost than their competitors

• through concentrating on a narrow market segment

• through achieving a match between their internal and external environments

What is Porters first name?

• Michael

• John

• Richard

• Simon

Barriers to entry into an industry are likely to be high if:

• Switching costs are low

• Differentiation is low

• Requirement for economies of scale is high

• Access to distribution channels is high

Competitive rivalry will be high if:

• The industry is fragmented

• There are a few strong players in the industry

• There is a high degree of differentiation

• The industry is in its infancy