competitive environment 2.6 Flashcards
1
Q
What are some factors that effect competition?
A
price, quality, location, production range, customer service
2
Q
what is a monopoly?
A
a business where there is only 1 supplier to a market (e.g. supply of water to homes + businesses per region)
3
Q
what are local monopolies?
A
When there is only one of a certain facility in the local area. Eg. when a village only has 1 shop or a town with 1 hotel
4
Q
what are some internal risks of things going wrong in a business?
A
theft/fire - bad publicity - loss of good employees - employees refuse to work
5
Q
what are some external risks of things going wrong in a business?
A
new competitors - natural disasters - laws
