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WorksheetsEntrepreneurship-Know Your Competition
Total questions: 18
Worksheet time: 9mins
Name
Class
Date
1.
An opportunity for success exists when a customer need is not being met by a competitor.
a)
True
b)
False
2.
To convince customers to buy from you instead of your competition, you need information about your competitors.
a)
True
b)
False
3.
Secondary data resources and observation can help you learn about your direct competitors.
a)
True
b)
False
4.
Your indirect competitors are those business that make most of their money selling products or services that are the same as or similar to yours.
a)
True
b)
False
5.
Analyzing the strengths and weaknesses of your competition is a waste of resources.
a)
True
b)
False
6.
Your analysis of competitors should include their prices, locations, and facilities.
a)
True
b)
False
7.
A few customer complaints are not important if your business has a better location and better prices than your competition.
a)
True
b)
False
8.
Superior service, easy return policies, and frequent-buyer programs are some of the strategies you can use to maintain customer loyalty.
a)
True
b)
False
9.
A small business selling specialty items will like face ______ from a large retailer.
a)
demographic competition
b)
incidental competition
c)
indirect competition
d)
unfocused competition
10.
All of the following can provide information about direct competition except
a)
the Postal Service
b)
the telephone directory
c)
the Chamber of Commerce
d)
observation methods
11.
As an entrepreneur, you may find that indirect competitors
a)
are more difficult to locate than direct competitiors
b)
are usually located in malls or shopping centers
c)
make most of their money selling the same product or service than you sell
d)
none of these
12.
Small businesses may have difficulty competing with large retailers because large retailers
a)
develop more complete customer profiles
b)
can keep larger quantities of products in stock
c)
have a larger target market
d)
offer superior service
13.
Competitors should be analyzed concerning their
a)
prices
b)
locations
c)
strengths and weaknesses
d)
all of the available answers are correct
14.
All of the following are strategies designed to maintain customer loyalty except
a)
providing store-specific credit cards
b)
locating in a city center
c)
listening to customers and responding to feedback
d)
having more convenient hours than other businesses
15.
Competition in a rural area or small town may be different from the competition in a large metropolitan area because
a)
there are fewer competing businesses in a rural area than a large city
b)
the smaller population base may only be able to support one or two businesses
c)
large city businesses will include both direct and indirect competition
d)
all of the listed answers
16.
Entrepreneurs can compete with mail-order businesses that sell the same product by
a)
providing lower prices
b)
provide personal service
c)
providing customers the ability to see the products in person
d)
all of the answers
17.
Small businesses can complete with large retailers by
a)
carrying specialty products
b)
provide superior service
c)
provide more personal service
d)
all of the answers
18.
The most important way to maintain customer loyalty is
a)
listen to customers' concerns
b)
disregard customers choices
c)
not care about customers
d)
get as many customers as possible
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