WorksheetsCompetition in the Marketplace
Total questions: 18
Worksheet time: 11mins
A business that can produce and/or sell their services better than their competitors is said to have
an absolute advantage
a price advantage
a competitive advantage
a competitive edge
Which three of the following are areas a business can lead in to be competitive in their market?
Price
Speed of delivery
Quality
Quantity
Warranty
There are a number of strategies a business can implement in an attempt to gain a competitive advantage. One strategy is to make the product __________than its competitors.
stand out more
more expensive
the same
have more defects
Investing funds in products to create new products or improve existing products.
Research and Development
Differentiation
Operations management
Lowering costs
The use of robotics in manufacturing is an example of…
strategic planning
process innovation
product innovation
blended marketing
Which of the following is not a type of cost incurred by a business?
Wages
Advertising
Net Profit
Sales revenue
R&D is an abbreviation for...
Research and Development
Rewards and Dividends
Recruitment and Delivery
Research and Differentiation
Which of the following is not a way that a business can compete on quality?
Inspecting products to reduce defects
Reducing prices
Responding to customer needs immediately
Complying with design specifications
Improving the speed of delivery will create a competitive advantage for a business.
True
False
What can cause changes in demand?
Incomes, tastes and fashions, and expectations about the market
Prices of complementary and substitute goods and services
Changing populations, age and gender of potential customers
All of those listed here.
What does productivity measure?
The amount of output compared with the amount of input that goes into production.
The amount of product wasted when compared with the amount of input used in production
The amount of output increased compared with the amount of cost that goes into production
A reduction in the output and an increased in the input.
Why do businesses seek to build or create a competitive advantage?
To survive and thrive
To meet the changing demands of a competitive global market
To achieve efficiencies and lower costs, thus increasing the profit margin
All of those listed here.
A (a) product has a high degree of excellence and achieves the purpose for which it was designed.
(a) refers to a business's efforts to make a product stand out by providing unique or superior value to customers in comparison with it competitors.
A _____ is a particular group of consumers at which a product or service is aimed.
target market
differentiated offering
pro forma
patent
Identifying your target market makes it easier and more cost effective to ______.
appeal to everyone
sell your products to the masses
reach your potential customers
push away unnecessary customers
Which factor is most likely to give a business a sustainable competitive advantage?
Short-term advertising campaigns
Temporary price reductions
Frequent changes in management
Unique product features that are hard to copy
Which of the following best describes a cost leadership strategy?
Ignoring operational efficiency
Offering products at the lowest possible price
Focusing on niche markets
Providing luxury services
