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1.2.4 The competitive environment - Match-up

Match-up definitions and answers with key terms and examples. Press submit to check your answers.

Competition
SWOT analysis
Strengths
Weaknesses
Price competition
Quality
Location
Product range
Customer service
Competitive analysis
Competitive advantage


Answers
Support and convenience provided to customers that builds loyalty and repeat sales.
When businesses target the same customers with similar products or services.
Areas competitors perform poorly in, creating opportunities for better business offerings.
Tool analysing strengths, weaknesses, opportunities and threats for strategic decisions.
Place accessibility and competitor proximity affecting how easily customers reach businesses.
Distinctive strengths enabling a business to stand out and attract customers.
Competing by lowering prices, offering discounts or premium pricing to attract customers.
Studying rivals' price, quality, location, range and service to inform decisions.
Variety of products offered, attracting customers but increasing costs and complexity.
Positive competitor attributes that give advantage, like price, quality, location, service.
Product or service standard that influences customer choice and price justification.
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