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Questions and Answers

What is a key factor that leads to potential development of substitute products?

Decrease in consumers' switching costs (correct)

Undesirable locations

Increase in consumer loyalty

Increase in prices of substitutes

What can increase the bargaining power of suppliers?

Forward integration

Many suppliers

Few substitutes (correct)

Low costs of switching raw materials

What is a barrier to entry that can be overcome by gaining economies of scale quickly?

Large capital requirements (correct)

Government regulatory policies

Strong brand preferences

Lack of experience

What is a characteristic of a market where consumer power is higher?

Products are standard or undifferentiated (C) Signup and view all the answers

What is a type of integration that can increase the bargaining power of firms?

Backward integration (B) Signup and view all the answers

What can increase the pressure of substitute products?

Decrease in prices of substitutes (A) Signup and view all the answers

What is a barrier to entry that can be overcome by gaining technology and specialized know-how?

Lack of experience (C) Signup and view all the answers

What can reduce the intensity of competition?

Products being differentiated (A) Signup and view all the answers

What is a type of barrier to entry that can be created by government policies?

Tariffs (D) Signup and view all the answers

What is a characteristic of a market where the bargaining power of suppliers is higher?

Few substitutes (C) Signup and view all the answers