Competitive environment (AQA GCSE Business): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does a market represent in business?
What does a market represent in business?
Space where similar goods/services trade
What are the main differentiating factors in direct competition?
What are the main differentiating factors in direct competition?
Price and service quality
Which is an example of indirect competition?
Which is an example of indirect competition?
Transport options like trains/buses/cars
What can happen when a business has no competition (monopoly)?
What can happen when a business has no competition (monopoly)?
Innovation and quality may reduce
What is the primary risk facing any business?
What is the primary risk facing any business?
Business failure
What additional risk do sole traders and partnerships face?
What additional risk do sole traders and partnerships face?
Personal liability for business debts
What does poor management include as a failure factor?
What does poor management include as a failure factor?
Inadequate planning and cost control
Why is market research important for business success?
Why is market research important for business success?
To predict future sales reliably
What common planning error do start-ups often make about sales?
What common planning error do start-ups often make about sales?
Overestimating sales volumes and prices
Why is relying on few customers a risk?
Why is relying on few customers a risk?
If relationship breaks, business at risk
What non-financial rewards motivate entrepreneurs?
What non-financial rewards motivate entrepreneurs?
Personal satisfaction and control
When do financial rewards from entrepreneurship typically appear?
When do financial rewards from entrepreneurship typically appear?
They take time to materialise