Industry And Market Analysis
This is based on the video lecture and review we had in class
Questions and Answers
- 1.
Obstacles that make it difficult to enter a given market.
- A.
Barriers to Entry
- B.
Barriers to Competition
- C.
Market Opportunity
- D.
Market Position
Correct Answer
A. Barriers to EntryExplanation
Barriers to entry refer to obstacles or challenges that make it difficult for new companies to enter a specific market. These barriers can take various forms, such as high initial investment requirements, government regulations, patents held by existing companies, economies of scale enjoyed by established players, or strong brand loyalty among consumers. These barriers act as a deterrent for new entrants and protect the market share of existing companies. Therefore, the given answer, "Barriers to Entry," accurately describes the obstacles that make it difficult to enter a given market.Rate this question:
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- 2.
Refers to the cost advantages that a business obtains due to expansion.
- A.
Economies of Europe
- B.
Tax breaks
- C.
Market Positioning
- D.
Economies of Scale
Correct Answer
D. Economies of ScaleExplanation
Economies of scale refer to the cost advantages that a business obtains due to expansion. As a business grows and increases its production volume, it can benefit from lower average costs per unit of output. This is because fixed costs, such as rent and machinery, can be spread over a larger quantity of goods, resulting in lower per-unit costs. Additionally, economies of scale can lead to increased bargaining power with suppliers, lower transportation costs, and better utilization of resources, further reducing costs. Therefore, economies of scale can contribute to a business's profitability and competitiveness in the market.Rate this question:
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- 3.
The tendency of some consumers to continue buying the same brand of goods rather than competing brands
- A.
Market Share
- B.
Brand Loyalty
- C.
Niche
- D.
Market Positioning
Correct Answer
B. Brand LoyaltyExplanation
Brand loyalty refers to the tendency of some consumers to continue buying the same brand of goods rather than competing brands. This means that these consumers have a strong attachment and preference for a particular brand, which leads them to consistently choose that brand over others. Brand loyalty is important for businesses as it can result in repeat purchases, increased market share, and a competitive advantage in the market.Rate this question:
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- 4.
The process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization.
- A.
Market Positioning
- B.
Competitive Advantage
- C.
Market Share
- D.
Brand Image
Correct Answer
A. Market PositioningExplanation
Market positioning refers to the process of creating a distinct image or identity in the minds of the target market for a product, brand, or organization. It involves strategically positioning the product or brand in relation to its competitors, highlighting its unique features or benefits, and establishing a strong market presence. This helps to differentiate the product or brand from others in the market and influences consumer perceptions and preferences. Market positioning plays a crucial role in attracting and retaining customers, building brand loyalty, and gaining a competitive advantage in the market.Rate this question:
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- 5.
A written description of your customers; it includes demographic, geographic, and psychographic data.
- A.
Total Quality Management
- B.
Brand Identity
- C.
Customer Profile
- D.
Customer Service
Correct Answer
C. Customer ProfileExplanation
A customer profile refers to a written description of your customers, which includes demographic, geographic, and psychographic data. This information helps businesses understand their target audience better and tailor their products or services to meet their needs and preferences. By analyzing customer profiles, businesses can develop effective marketing strategies, improve customer satisfaction, and ultimately drive sales.Rate this question:
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- 6.
Ability to negotiate better pricing due to some competitive advantage
- A.
Buyers Ability to Bargain
- B.
Negotiating
- C.
Market Share
- D.
Market Positioning
Correct Answer
A. Buyers Ability to BargainExplanation
The correct answer is "Buyers Ability to Bargain." This refers to the power and influence that buyers have in negotiating prices with sellers. If buyers have a strong ability to bargain, it means they can leverage their position to negotiate better pricing terms. This could be due to factors such as having multiple options available, having a large purchasing volume, or having access to information about market prices. By using their bargaining power effectively, buyers can secure more favorable pricing terms and potentially gain a competitive advantage.Rate this question:
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- 7.
What are the 5 Industry Forces that may be affecting your business? (List all 5)
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Current Version
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Mar 22, 2023Quiz Edited by
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Feb 03, 2012Quiz Created by
Patrickjenkins
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