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Summary Edecxel Level Business - in depth notes
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Topic 43 – the competitive environmentThe competitive environment:
This is one of the most important external influences faced by a business.
In a minority of markets there are very little competition for example the
UK water supply.
DETERMINANTS OF COMPETITIVENESS:
Not all markets are the same. Different markets have different features
and characteristics. The features and characteristics of markets are
known as market structures. It is these market structures that largely
determine how competitive a market is.
o Size of businesses in the market –
o The extent of barriers to entry
o The extent to which products can be differentiated
o The knowledge that buyer and sellers possess
o Degree of interrelationship
o Legal factors
IMPACT ON USINESSES OF A COMPETITVE ENVIRONMENT:
Operating in a competitive market is likely to have several implications for
a business. Businesses will be challenged and forced to monitor the
activates of rivals to minimize the threat they pose.
- Price
- Profit
- Communication with customers
- Innovation
- Product range
- Marketing
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