Impact of External Influences (Edexcel A-Level Business): Flashcards

Rivalry between firms trying to sell goods in a market

One business supplies the entire market

Market dominated by a few very large producers

Actions of one business directly affect other businesses

Competing via advertising, promotion, product differentiation

Fewer businesses operating due to mergers/takeovers

Supplier power, buyer power, new entrants, substitutes, rivalry

Acquiring a supplier or establishing in-house supply

Extending into buyers' markets to sell directly to consumers

Buying rival businesses to reduce number of competitors