U4L5 HW Intro on Quizizz

What does the competitive market consist of?

• All buyers of a specific product

• All sellers of a specific product

• All consumers in a market

• All products in a market

What is market share?

• The percentage of total market sales a company has

• The number of products a company sells

• The total revenue of a company

• The number of employees in a company

How can a company increase their market share?

• Decrease the overall size of the market

• Increase the overall size of the market

• Reduce product quality

• Increase product prices

What is direct competition?

• Occurs between similar products.

• Occurs between different products.

• Occurs between unrelated products.

• Occurs between products from different industries.

What is indirect competition?

• Occurs between similar products.

• Occurs between products that are not the same but could satisfy the same want/need.

• Occurs between unrelated products.

• Occurs between products from different industries.

On what factors do products compete?

• Convenience, Degree of service, Selection

• Quality, Price, Product Design

• Reputation, Price, Selection

• Location, Free delivery, Extras

Which of the following is a factor on which services compete?

• Features

• Benefits

• Convenience

• Product Design

What is an example of a feature that products might compete on?

• Location

• A special quality of the product

• Word of mouth

• Free delivery

What does the term "degree of service" refer to in the context of service competition?

• Price of the service

• Location of the service

• Extras provided in a luxury hotel room

• Online reviews

What does USP stand for in marketing?

• Unique Selling Proposition

• Universal Sales Plan

• Ultimate Service Product

• Unilateral Selling Point