External Business Environment and Planning (VCE SSCE Business Management): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Competitor definition
Competitor definition
Business rival in same market w/ similar products/services
3 key areas to monitor competitors
3 key areas to monitor competitors
New products, product updates, pricing changes
Primary battleground for many businesses
Primary battleground for many businesses
Price competition
ALDI's impact on supermarket competition
ALDI's impact on supermarket competition
Consistently lower pricing model forces rivals to adapt
Examples of inducements & incentives
Examples of inducements & incentives
Buy 3 Get 1 Free, price cuts, bundles, member discounts
4 purposes of loyalty schemes
4 purposes of loyalty schemes
Repeat purchases, data, relationships, switching costs
How retailers responded to ready-made meal competition
How retailers responded to ready-made meal competition
Expanded range, click-and-collect, matched convenience
Streaming services' competitive advantages
Streaming services' competitive advantages
On-demand content, competitive price, no lock-in contracts
Traditional TV's remaining advantages
Traditional TV's remaining advantages
Live TV, news coverage, live sports, major events
Key action when facing industry disrupters
Key action when facing industry disrupters
Evaluate business model & identify unique advantages