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Business Theme 2 > Edexcel The competitive enviroment 2.5 > Flashcards

Edexcel The competitive enviroment 2.5 Flashcards

1
Q

What is competition in the market judged by?

A

Number and size of firms
Intensity of rivalry
Barriers to entry

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2
Q

Barriers to entry examples

A

Cost of setting up
Brand loyalty

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3
Q

How can businesses respond to threats of competition?

A

Price cutting
greater product differentiation
Collusion

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4
Q

What is collusion?

A

Working with another business

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Business Theme 2 (18 decks)

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