Benefits of Turning Your Hobby into a Business
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Questions and Answers

What is one factor that influences other companies selling similar products in the same marketspace?

  • Size of the company's office space
  • Number and size of active competitors (correct)
  • Number of employees
  • Number of company shareholders

    • When is a competitive advantage achieved by a firm?

  • By bringing a product to market at a higher price than competitors
  • By producing a superior product or bringing a product to market at a lower price than competitors (correct)
  • By producing a mediocre product
  • By having the most competitors

    • What does the text highlight as an important concept related to competitive advantage?

  • Monopolistic competition
  • Oligopoly
  • Asymmetries (correct)
  • Perfect competition

    • Why might the best business concept fail according to the text?

    <p>Lack of proper marketing strategy to attract customers</p> Signup and view all the answers

    What does the text imply about organizational development in fast-growth companies?

    <p>Fast-growth companies need employees and specific business procedures</p> Signup and view all the answers

    Why is it mentioned that work is divided into functional departments in organizational development planning?

    <p>To organize the work that needs to be accomplished</p> Signup and view all the answers

    What is an essential aspect for companies that hope to grow and thrive according to the text?

    <p>Having a plan for organizational development</p> Signup and view all the answers

    What is one reason given in the text for the failure of even tremendous firm qualities?

    <p>'Asymmetries' in the market</p> Signup and view all the answers

    Why does the text emphasize the importance of competitive advantage?

    <p>To demonstrate how firms can outperform competitors through superior product quality or lower prices</p> Signup and view all the answers

    What is highlighted as a potential factor that can make a business concept fail according to the text?

    <p>Lack of proper marketing strategy to attract customers</p> Signup and view all the answers

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