Business Competitiveness
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Questions and Answers

What does a business need to do to succeed?

  • Focus solely on outperforming its rivals
  • Provide better value for money than its rivals (correct)
  • Offer the same benefits as its rivals
  • Charge higher prices than its rivals

    • What does a business need to consider in terms of benefits to become competitive?

  • The location of its headquarters
  • The number of employees it has
  • How many benefits it can list in its advertising
  • What its product offers relative to its competitors (correct)

    • How do businesses aim to outperform their rivals in terms of pricing?

  • Reduce the benefits while increasing the price
  • Offer the same benefits for less or more benefits for the same price (correct)
  • Increase the price while reducing benefits
  • Keep the price constant regardless of benefits

    • What is the challenge for businesses in providing benefits more cheaply than competitors?

    <p>Deciding what customers actually regard as a benefit</p> Signup and view all the answers

    Why can't a business afford to be complacent even if it becomes competitive?

    <p>Competitors will soon follow its lead</p> Signup and view all the answers

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