Competitive Environment
Übersicht
The only water seller at a remote bus station can charge almost anything. The fourteenth coffee shop on a city street cannot charge a cent more than the thirteen around it, and has to work out what else it can offer instead. Same product, same country, same year. What separates them is not skill or effort. It is how many other people the customer could have bought from.
This topic has two objectives and both of them are about living with things you do not control. In this lesson you will learn what a market and competition actually mean, what competition does to a business's prices, costs, quality and profit, and when a business faces very little of it. Then you will look at risk and uncertainty: why every business faces them, what an entrepreneur is being paid for when they accept them, what a business can do to reduce them, and how producers in developing countries use a lower cost advantage to compete with established rivals in richer ones.
Ziele
- Impact on businesses of operating in competitive markets.
- Uncertainty and risks businesses face.
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Unterrichtsbewertung
Herzlichen Glückwunsch zum Abschluss der Lektion über Competitive Environment. Jetzt, da Sie die wichtigsten Konzepte und Ideen erkundet haben,
Sie werden auf eine Mischung verschiedener Fragetypen stoßen, darunter Multiple-Choice-Fragen, Kurzantwortfragen und Aufsatzfragen. Jede Frage ist sorgfältig ausgearbeitet, um verschiedene Aspekte Ihres Wissens und Ihrer kritischen Denkfähigkeiten zu bewerten.
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- Which one of the following businesses is most likely to face minimal competition? A. A bakery on a busy high street B. A mobile phone shop in a shopping centre C. The only petrol station for eighty kilometres D. A hairdresser in a large city Answer: C
- Which one of the following is the most likely effect of increased competition on a business? A. It can raise its prices freely B. It faces pressure to lower prices or improve quality C. Its fixed costs fall D. Its suppliers give it longer credit Answer: B
- Which one of the following is a barrier to entry into a market? A. A large number of existing customers B. Low start-up costs C. The need for a government licence that is rarely granted D. Weak brand loyalty among customers Answer: C
- Which one of the following actions genuinely reduces a business's risk rather than transferring it to someone else? A. Carrying out market research before launching a product B. Forming a limited company C. Insuring the delivery vehicles D. Signing a fixed price contract with a supplier Answer: A
- How do businesses in developing countries most commonly compete with those in developed countries? A. Through a lower cost advantage B. Through higher wages C. Through longer established brands D. Through stricter regulation Answer: A
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Empfohlene Bücher
Weiterlernen mit offenen Quellen
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Lehrbuchabschnitt
Trends in the Business Environment and Competition
Which trends are reshaping the business, microeconomic, and macroeconomic environments and competitive arena?
"Introduction to Business: Trends in the Business Environment and Competition" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/introduction-business/pages/1-8-trends-in-the-business-environment-and-competition. Access for free at https://openstax.org/books/introduction-business/pages/1-introduction
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