Challenges of the Market Environment (Grade 11 NSC Matric Business Studies): Flashcards
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Practise the cards
10 cards from this deck
Competition
Competition
Multiple businesses offering same goods/services to same market
Profit margins
Profit margins
Difference between production cost & customer price
Role of suppliers
Role of suppliers
Provide raw materials/components/services for final products
Demographics
Demographics
Statistical info on population (age, gender, race, income)
Psychographics
Psychographics
Customers' lifestyles, attitudes, interests, opinions & desires
Socio-cultural factors
Socio-cultural factors
Language, customs, income levels & preferences of cultures
Product differentiation
Product differentiation
Creating unique goods/services competitors don't offer
Influences on consumer behaviour changes
Influences on consumer behaviour changes
Economic conditions, fashion trends, social movements
Supplier shortage consequence
Supplier shortage consequence
Cannot produce enough goods to meet customer demand
Competitive pricing strategy
Competitive pricing strategy
Offering lower prices than competitors whilst keeping quality