1
Q
What is the importance of a competitor analysis ?
A
- Allows the business to keep up with competition
- Identify new entrants to formulate handling strategies
- Innovate business to stay ahead of competition
2
Q
What is the effect of competitor product/service being offered ?
A
- Pricing strategies - matching or undercutting rivals
- Benefits - increased customer loyalty
- Drawbacks - high risk if not impacting consumers
- Comparison websites
- Location of business
Business BTEC level 3 - Unit 7
flashcards
Decks in class (19)
# Cards
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Business ideas2
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Business purpose and structure5
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Data collection4
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Business models for decision making4
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Techniques to analyse data effectively3
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Formats for decision making2
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Software generated information for decision making in a business4
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Types of research0
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Competitor analysis2
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Legislation5
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Quality issues6
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Human resources5
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Physical resources5
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Financial resources11
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Sales forecast1
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Cash-flow forecast3
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Break-even6
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Income statements1
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Statements of financial position0
