1.1.1 Competition

Question 1

what does business need to do in a competitive market

Answer 1

efficient, listen and meet to customer needs and wants, less wasteful, produce a good quality product/service, cpmpete in non-price factors –> homogeneous markets

Question 2

Homogeneous markets

Answer 2

are markets where products or services are perceived as identical or very similar by consumers, leading to little differentiation between offerings. In such markets, competition is primarily based on price rather than unique features or branding.

Question 3

marketing mix

Answer 3

price - often based upon competitors
product - siilar products in competitive market
promotion - branding generates loyalty
place - how easy to acces product on market

Question 4

direct competitors examples

Answer 4

pepsi - coke, Amazon - Waitrose, McDonalds - burger king, nike - adidas

Question 5

indirect competitors examples

Answer 5

HMV -Spotify, Gucci - ASOS, Chinese - Mexican, DVD shop - cinema

Question 6

direct competition definition

Answer 6

when businesses offer similar products or services that fulfill the same customer need, targeting the same audience

Question 7

indirect competition definition

Answer 7

businesses that offer different products or services but satisfy the same customer need or solve the same problem

Question 8

benefits competition

Answer 8

good for consumer –> makes business try harder e.g. better products, better service , lower price
good for economy –> recources used more efficiently, grawing business into internationality helps export

Question 9

how to keep up with competition

Answer 9

lower prices, loyalty schems, expand into online retailing, promote products, better quality products and services and shop experience, marketing mix, speciality skills

Question 10

when does competition occure

Answer 10

when two or more businesses work independently to supply the products/services tto the smae group of people

Question 11

how have waterstones and HMV responded to the rapid changes in the dynamic markets they work in

Answer 11

Waterstones:
Focus on In-Store Experience: creating a pleasant and curated in-store experience, offering cozy atmospheres, personalized recommendations, and cafés to attract book lovers.
Partnership with Online Retailers
HMV:
Diversifying Product Range
Focus on In-Store Events: hosted live music events and artist signings
Digital Presence