GK
BUSINESS MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
a paid message sent from a company to the public in order to introduce a new product or service, or present existing merchandise
|
|
|
the percentage of a firm’s total sales in relation to the industry as a whole
|
|
|
determines the ability and likelihood of customers finding another way to either make or provide the services or products a company offers
|
|
|
the amount of power a company has in the market in relation to their competitors
|
|
|
pertains to how much power customers have as far as driving down the prices of products and services
|
Detailed explanation-1: -The goal of using competitive advertising is to influence demand for a specific brand (McDaniel et al, 2006).
Detailed explanation-2: -Porter’s Five Forces is a model that identifies and analyzes five competitive forces that shape every industry and helps determine an industry’s weaknesses and strengths. Five Forces analysis is frequently used to identify an industry’s structure to determine corporate strategy.
Detailed explanation-3: -Product differentiation is the key aspect or aspects that distinguish a company’s products or services from the competition.
Detailed explanation-4: -Competitive rivalry is the measurement or intensity of competition between companies in the same field or industry. Some competitive rivalry is often healthy for all businesses involved, as it encourages product and service innovation and discourages unnecessary price increases for customers.