Competition (Leaving Cert Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the ultimate goal of competition between businesses?
What is the ultimate goal of competition between businesses?
To increase sales & gain market share
What characterises direct competition?
What characterises direct competition?
Selling identical/very similar products
Which pair shows indirect competition?
Which pair shows indirect competition?
Netflix competing with cinema chains
What is a key benefit of conducting competitor analysis?
What is a key benefit of conducting competitor analysis?
Anticipate & prevent potential risks
Who developed Porter's Five Forces model and when?
Who developed Porter's Five Forces model and when?
Michael Porter in 1979
What increases competitive rivalry intensity?
What increases competitive rivalry intensity?
High number of competitors in market
What increases supplier power over businesses?
What increases supplier power over businesses?
Fewer suppliers in the market
How did Lidl and Aldi increase buyer power?
How did Lidl and Aldi increase buyer power?
Customers can easily switch for savings
Which is an example of threat of substitution?
Which is an example of threat of substitution?
Uber substituting traditional taxis
What is a barrier that reduces threat of new entrants?
What is a barrier that reduces threat of new entrants?
Strong brands with loyal customers