Which of these statements describes a competitor?
A business that sells something completely different
A business that sells a similar product but at a much higher quality and price
A business that sells a similar product at a similar level of quality and price
What does USP stand for?
Unique selling point
Unique selling price
Unique selling potential
Which of these is a competitive strength?
Selling a product at a low price
Selling a low-quality product at a high price
Selling a low-quality product
Which of these is a competitive weakness?
Providing a fast and efficient service
Providing a high-quality product
Providing a slow service
What does ‘product range’ mean?
The number of products sold by a business
The range of prices of the products sold by a business
Selling just one type of product
What could good customer service lead to?
More debt
Fewer customers and sales
More customers and sales
How might a business respond to a competitor bringing out a new product?
Keep selling the same products
Release a new product
Promote its existing products more
How might a business respond to a competitor reducing its prices?
Increase prices
Keep prices the same
Reduce prices
Which of these options would be least convenient for a customer?
Travelling to a shop 25 minutes away to buy an item
Ordering a product online with free delivery
Ordering a product online and collecting it from a shop ten minutes away
Which of these locations would be the most appropriate for a shop selling buckets and spades?
In a town or city centre
At the beach
In the middle of the Lake District