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Business Terms
| Question | Answer |
|---|---|
| A place where buyers and sellers come together. | Market |
| A situation in which the market is dominated by one seller or producer. | Monopoly |
| A monopoly creates less of this for customers? | Choice |
| Monopolies do not provide motivation for this? | Innovation |
| A benefit of a monopoly is that firms should achieve a greater amount of these? | Profits |
| This is typically achieved by increasing the size of your business? | Economies of scale |
| These hurdles can make it difficult for firms to compete in a market? | Barriers to Entry |
| Firms spend lots of money on advertising in or to build this? | Reputation |
| Larger firms generally have lower what per unit. | costs |
| A key feature of an oligopoly is that firms typically sell what sort of products? | branded |
| The traditional view is that profitability will be detrmined by which rivalry? | competitive |
| Porter argued that there were how many forces impacting on profitability? | Five |
| The key term for making your product stand out? | Differentiation |
| The threat of this describes the likelihood of other services or products being used in place of any existing product or service. | substitutes |
| The benefit of being first to be known in a market? | First mover advantage |
| Firms find it difficult to simply cease trading because of these? | Barriers to Exit |
| The foundation to the Marketing Mix? | Product |
| Place in the Marketing Mix relates to this? | The supply chain |
Created by:
Carmulan
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