Unit 1.8 Flashcards
Who is a competitor?
A competitor is any business that sells same or similar products of services
Example: Apple and Samsung
What is Price?
Price is how much a product or service costs to purchase
Why is it important to know the competitors price?
To gain a competitive edge
Expand USP
Unique Selling Point
What is Unique Selling Point?
Unique Selling Point is what makes your product better or unique compared to your competitors
What is a Product Range?
Refers to the types of products that are sold by a business
One Product= limited market reach
Many Product= higher market reach
What is Quality
Refers to how well a product is made or how prestigious a service is
Example: Taxi vs Limousine
What is customer service?
The service offered to customers before, during and after a transaction has taken place
What is Monopoly
an industry dominated by one firm
Example: Visa(Payment Processor)
What is a Highly Concentrated Market
Is an industry dominated by a small number of large firms
What may a business want to know about their competitors?
USP
Price
Product Range
Customer Service
