Competition (Edexcel GCSE Business): Flashcards
📚Flashcards
Practise the cards
13 cards from this deck
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Practise the cards
13 cards from this deck
Why examine business rivals?
Why examine business rivals?
Identify their strengths and weaknesses
What studying competition helps find
What studying competition helps find
Gaps in the market
Competitive strategy
Competitive strategy
What sets the business apart from others
Price competition
Price competition
Offering lower prices than rivals to attract customers
Product differentiation
Product differentiation
Making your product meaningfully different from competitors
Purpose of unique selling points
Purpose of unique selling points
Appeal to specific customer groups
What happens in price wars
What happens in price wars
Everyone reduces prices to win customers
What differentiation focuses on vs price
What differentiation focuses on vs price
The value provided
Three differentiation methods
Three differentiation methods
Quality, customer service, specialisation
How many competition methods successful firms excel in
How many competition methods successful firms excel in
2-3 areas rather than average across all
Why price wars hurt small businesses
Why price wars hurt small businesses
Less financial capacity for reduced profitability
Stronger brand image
Stronger brand image
Recognisable and trusted brand customers prefer
Better customer service competition
Better customer service competition
Exceptional service creating positive experiences