Chapter 19 Flashcards
Quite hard
1
Q
Niche Market
A
A specific and specialised market producing a particular product
2
Q
What is an advantage of small Firms?
A
-Flexibility
-Personal Service
-Lower wage costs
- Better communication
-Innovation
3
Q
What are the disadvantages of small firms?
A
- Higher costs
- Lack of finance
- Difficulty attracting quality staff
- VUlnerability
4
Q
What are the advantages of Large Firms?
A
-Economies of scale
- Market Domination
-Large-scale contracts
5
Q
What are the disadvantages of Large Firms?
A
-Too bureaucratic
-Coordination and control
-Poor motivation
