IGCSE Business Studies 3.1 - Marketing and Competition Quiz

Identifying and meeting customer needs

Increasing production capacity

Reducing costs and expenses

Building new product lines

Producing low-cost goods

Developing a product that matches customer preferences

Offering employee training programs

Increasing advertising expenses

Offering discounts to new customers

Encouraging repeat purchases from existing customers

Focusing exclusively on product quality

Expanding into new markets

Increase the number of suppliers

Develop a loyal customer base

Improve employee retention rates

Lower production costs

Frequent promotions and discounts

Delivering personalized customer service

Cutting operational costs

Diversifying product lines

Improved access to credit cards

A shift in trends, income levels, and technology

Increased production in industries

Enhanced government regulations

Reduce its marketing budget

Maintain or grow its market share

Decrease overall competition in its market

Avoid spending on product development

Decreased innovation in industries

Globalization and technological advancements

Reduced access to international suppliers

Decline in customer spending habits

Ignore market trends

Lower prices without considering quality

Focus on meeting customer demands effectively

Reduce its product variety

Conducting regular market research

Increasing the price of all products

Reducing marketing expenses

Limiting production to niche products