Competitive markets (Edexcel 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 exists when many businesses compete for the same group of potential customers?
What exists when many businesses compete for the same group of potential customers?
A competitive market
What makes markets especially competitive?
What makes markets especially competitive?
Similar products/services hard to tell apart
How do businesses typically compete when products are virtually identical?
How do businesses typically compete when products are virtually identical?
On price
What do operational improvements aim to achieve?
What do operational improvements aim to achieve?
Make business run more efficiently
Why do businesses use product and service differentiation?
Why do businesses use product and service differentiation?
To stand out from competitors
Which are examples of customer incentives mentioned in the note?
Which are examples of customer incentives mentioned in the note?
Special offers & loyalty programmes
What does price pressure directly impact?
What does price pressure directly impact?
Profit from each sale
Why must companies be extremely efficient in competitive markets?
Why must companies be extremely efficient in competitive markets?
To maintain reasonable profits
Why do businesses need constant competitor monitoring?
Why do businesses need constant competitor monitoring?
To avoid being left behind
How does competition benefit consumers in terms of pricing?
How does competition benefit consumers in terms of pricing?
Prices typically reduce
What quality-related benefit do consumers gain from competitive markets?
What quality-related benefit do consumers gain from competitive markets?
Businesses improve quality standards
What can happen when a business lowers its prices in a competitive market?
What can happen when a business lowers its prices in a competitive market?
Sales volume may increase