Entrepreneurship--Lesson 4-3 Slides

A marketing program that provides incentives to repeat customers who are loyal company brand shoppers.

A club for employees of a retailer to join.

A discount coupon or code that's made available to first-time customers.

A discount program aimed at people who shop with a retailer's competitors.

The store

The sales associate

The cusomter

All of the abpve

To avoid legal issues

To improve customer service

To identify market opportunities

To increase advertising budget

Large retailers usually keep larger quantities of products in stock.

Large retail chains do not rely on a single product line.

Large companies have more resources for advertising.

Large retailers have fewer employees than small businesses.

Make a list of your competitors

Summarize the products and prices offered by your competitors

List each competitor’s strengths and weaknesses

Determine the location of your competitors

Offer superior service

Increase product prices

Easy return policies

Frequent buyer programs

Direct competition involves businesses selling the same or similar products as another business, while indirect competition involves businesses selling different products.

Direct competition comes from businesses that make most of their money selling the same or similar products or services as another business, while indirect competition comes from businesses that make only a small amount of money selling the same or similar products or services as another business.

Direct competition is less important than indirect competition.

Indirect competition only exists in international markets.