Theme 2 - How small firms compete - Flashcards in A Level and IB Economics

Created by: becky.65
Created on: 20-05-17 12:02

How to small firms compete through product differentiation and USPs?

Some small suppliers hand-make products or make to order so they can have more interesting or personal products

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How to small firms compete through flexibility in responding to consumer needs?

Small businesses often know their customers personally and can find ways to meet their requirements; they can respond to changes in demand much faster and micromarketing gives them an understanding of what the market need

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How to small firms compete through customer service?

They can offer a really personal touch for consumers exact needs

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How to small firms compete through targeting niche markets?

Those that use e-commerce may develop an international market that makes profit even if the niche is tiny by keeping output low and charging a high price to maintain exclusivity

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How to small firms compete through achieving a competitive advantage through relationships with stakeholders?

Employees who know their bosses and talk with them can enhance motivation and efficiency and customers can deal with the owners and not call-centres

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Other cards in this set

Card 2

Front

How to small firms compete through flexibility in responding to consumer needs?

Back

Card 3

Front

How to small firms compete through customer service?

Back

Card 4

Front

How to small firms compete through targeting niche markets?

Back

Card 5

Front

How to small firms compete through achieving a competitive advantage through relationships with stakeholders?

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Theme 2 - How small firms compete