Competitive environment

• What is the main topic of the lesson covered in the video?

  The competitive environment
• What will students learn about in this lesson?

  Understanding competition in business terms
• What types of competitors will be discussed in the lesson?

  Direct and indirect competitors
• What factors will be analyzed regarding competitors?

  Price, quality, and location
• What will students understand about the competitive environment?

  Advantages and disadvantages of the competitive environment
• How does competition impact business decision-making?

  It influences decisions on pricing and strategy
• What is the aim of the lessons provided in the video?

  To help students achieve the highest grade
• What does competition mean in business terms?

  When businesses supply goods to the same customers
• What do competitors do in a competitive environment?

  They try different tactics to win customers
• Why is competition important for businesses?

  It motivates companies to improve products
• What happens when competitors become allies?

  They can dominate the market together
• What is a potential disadvantage of a competitive environment?

  Fewer sales due to market share division
• How can competitors affect potential investors?

  Investors may choose one over the other
• What is a direct competitor?

  A business selling the same type of product
• What is an indirect competitor?

  A business selling different but substitutable products
• What is the effect of weak competition on pricing?

  Businesses can charge higher prices
• What is a trial purchase?

  When customers buy and try an item
• What is a repeat purchase?

  When customers continue buying a product
• What is the importance of understanding competitors?

  It helps businesses prepare for competitors' moves
• How can businesses differentiate their products?

  By improving quality or lowering prices
• What role does customer service play in competition?

  It helps gain customer loyalty and reputation
• What is the significance of location in competition?

  It affects distribution and customer access
• What is the impact of advertising in a competitive environment?

  It can increase sales and brand awareness
• What is the effect of competition on innovation?

  It encourages businesses to innovate and improve
• What should businesses do to remain competitive?

  Adapt pricing, product range, and innovation
• What are the key terms to know for the business exam?

  • Market: Place where buyers and sellers trade
  • Competitors: Firms offering similar products
  • Competition: All firms offering similar products
  • Strength: Things a business does well
  • Weakness: Things a business does poorly
  • Decision making: Selecting a course of action
  • Direct competitor: Same type of good/service
  • Indirect competitor: Different but substitutable products
  • Price: Amount paid for goods/services
  • Cost: Amount spent by firm
  • Profit: Revenue left after costs
  • Customer needs: Requirements for goods/services
  • Trial purchase: Buying to try an item
  • Repeat purchases: Continuing to buy a product
• What is the purpose of the activity suggested in the video?

  To create a PowerPoint presentation on competition
• What should students discuss regarding Amazon's impact?

  Impact on competition based on various factors
• What is the final question posed to students in the video?

  List types of competition and their effects
• What should students do if they are watching alone?

  Message the presenter with their PowerPoint
• What is the significance of commenting on the video?

  To engage with the content and answer questions
• What is the importance of understanding the competitive environment?

  It is crucial for brand survival
• What is the relationship between competition and market share?

  More competition means divided market share
• What is the role of product range in competition?

  It can be widened to prevent competition
• How can businesses improve customer service?

  By analyzing competitors' successful strategies
• What is the effect of advertising on consumer perception?

  It can enhance brand image and sales
• What is the significance of customer loyalty?

  It leads to repeat purchases and referrals
• What is the impact of competition on pricing strategies?

  It can lead to price wars among competitors
• What is the importance of market research in a competitive environment?

  It helps businesses understand their position
• How does competition affect product quality?

  It encourages businesses to improve quality