Unit 1.8

Question 1

Impact of Competition on Price

Answer 1

Business will keep prices lower than their competitors

Question 2

Impact of Competition on product

Answer 2

Businesses will expand their range of products

They Will Make sure their quality of their Products is as good or better than their competitors

Question 3

Impact of Competition on Place

Answer 3

Will make sure product is available in their store, if not the customer will go to their competitor

Will Make sure product is available in a convenient place for consumers

Question 4

Impact of Competition on Promotion

Answer 4

companies will use promotion strategies such as buy one get one free to attract customers away from competition

Question 5

Strategies to Manage Competition

Answer 5

Reduce the Price(will cost money but lead to more sales)

Increase advertising(make more people aware about business, But will cost money)