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- 1. Multiple Choice
Competitive advantage is what distinguishes a business from the competition in the market.
True
False
- 2. Multiple Choice
Manufacturing a Dyson vacuum to the highest possible standard can create a:
Competitive advantage
comparative advantage
- 3. Multiple Choice
If a business has a competitive advantage they will: (2 answers)
be more profitable than their competitors
the business will probably last longer than their competitors
sell less products than their competitors
- 4. Multiple Choice
The 3 ways a business can achieve a cost advantage are:
cost leadership, focus, differentiation
differentiating your product
cheap prices
- 5. Multiple Choice
A great way to differentiate your product from competitors is:
price
where it is sold
brand image
- 6. Multiple Choice
A supply chain is:
the entire process of a products or good's life from manufacturing to wholesaling to retailing to consumer
Gold chain with a fancy design
competitive advantage over other business's
- 7. Multiple Choice
When creating new products for the muesli bar market a manufacturer should consider:
Who are the other manufacturers in the industry (competition)
What prices other manufacturers charge for their goods
Differentiation and focus strategies used by other manufacturers
- 8. Multiple Choice
Cost leadership involves which aspects?
operational efficiencies
technology and automation and economies of scale
operational efficiencies, technology and automation, economies of scale and low cost labour
- 9. Multiple Choice
Reducting waste in the production process of goods is a form of operational efficiency, true or false
true
false
- 10. Multiple Choice
Differentiation strategies include:
introducing a new product
after sales service, brand image, dealer network
having more products than other manufacturers
- 11. Fill in the Blank
Trade advantage obtained through the capacity of a nations industries to innovate and upgrade is known as?
- 12. Fill in the Blank
When a nation has the ability to meet its own needs from domestic FOP it is......
- 13. Multiple Choice
When a nation imports and exports the same good simultaneously, this could be because of what factors?
seasonal produce
differentiated products
It is cheaper for the market to import the goods
its christmas
- 14. Multiple Choice
The types of advantage that trade considers are:
absolute advantage
comparative advantage
competitive advantage
abstract advantage
- Answer choicesTagsAnswer choicesTags