WorksheetsU4L5 HW Intro on Quizizz
Total questions: 11
Worksheet time: 3hrs 45mins
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
Why is determining a product's USP important?
It helps in reducing production costs.
It provides a competitive advantage in the marketplace.
It ensures the product is environmentally friendly.
It guarantees the lowest price in the market.
