Competition! Flashcards
What is competition in business?
Other business in a cetain market that offer similar goods or services to you to gain customers!
List 2
Who benefitted from competiton Why?
- Customers = wider range of options
- Workers = more choices for who they work for
List 1
Who causes problem from Competiton! Why?
Competitors = work harder to beat other competitors!
List one negative options that competitors might do, to beat other competitors!
Cut costs by cutting staff, damage long term health!
What is entrepreneur?
Person who runs their own business and take risks!
Why is location important?
All the good work on developing an idea, market research etc might be undone if the location is wrong!
What’s this!
Person who runs there own business and take risks
Entrepreneur
What’s this
Other business in a cetain market that offer similar goods or services to you to gain customers!
Competiton! (in business)
