Competition in the Marketplace

Competition in the Marketplace

7th - 10th Grade

19 Qs

quiz-placeholder

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Competition in the Marketplace

Competition in the Marketplace

Assessment

Quiz

Business

7th - 10th Grade

Practice Problem

Medium

Created by

Glenn Lovegrove

Used 56+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business that can produce and/or sell their services better than their competitors is said to have

an absolute advantage

a price advantage

a competitive advantage

a competitive edge

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which three of the following are areas a business can lead in to be competitive in their market?

Price

Speed of delivery

Quality

Quantity

Warranty

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There are a number of strategies a business can implement in an attempt to gain a competitive advantage. One strategy is to make the product __________than its competitors.

stand out more

more expensive

the same

have more defects

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Investing funds in products to create new products or improve existing products.

Research and Development

Differentiation

Operations management

Lowering costs

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Corporate Socially Responsible strategies include:

Minimizing impact on the environment

Having sales

Donating profits to charities

Paying employees a fair wage

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The use of robotics in manufacturing is an example of…

strategic planning

process innovation

product innovation

blended marketing

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following is not a type of cost incurred by a business?

Wages

Advertising

Net Profit

Sales revenue

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