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Competitive advantage in the global market
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No one competitive strategy is guaranteed to achieve success
 
true
 
false
Michael Porter proposed three “generic” competitive strategies, which are
Cost leadership, differentiation, focus
What are Australia's two main exports?
Iron ore, coal
What country is Australia's main trading partner?
China
Buyer power is ________ when buyers have many choices from whom to buy and __________ when buyers have few choices
 
High, low
 
low, high
 
better, worse
 
awesome, sucks
Is this hypothesis? : Australia has firmly taken its place within the broader Asia region in recent decades due to the process of increasing economic interdependence.
 
true
 
false
Differentiation is…
 
making a product stand out.
 
Making a product affordable
 
Making a product fit in
 
making a product that already exists.
Charlie owns and operates a teddy bear factory. Last year, he earned $250 000 in sales revenue with expenses of $190 000. What is the profit margin for Charlie’s business?
 
24%
 
4%
 
13%
 
76%
Charlie owns and operates a teddy bear factory. Last year, he earned $250 000 in sales revenue with expenses of $190 000. Charlie has not made a profit. True or false?
 
False
 
True
An increase in environmental consciousness is likely to lead to an increase in demand for plastic bags.
 
False
 
True
An increase in people’s income is likely to lead to ____________ in demand for jewellery.
 
an increase
 
a decrease
 
no change
Nike has created a competitive advantage by focusing on social media, including its own social network (Nike+), and introducing Nike concept stores. ​What might happen if it did not attempt to build or create a competitive advanta
Competitors would likely become leaders in the market
Businesses must embrace innovation if they wish to achieve a competitive advantage.
 
True
 
False
Think of an industry (such as retail, banking or computing) and list five businesses that compete in that industry.
Show what you got
A business known for being the best in the industry or the most innovative business in the industry is known as a what?​
 
Market leader
 
Price taker
 
Price maker
 
Market innovator
Shell has spent millions of dollars on R&D to allow _________________ away from its original oil and gas business.
 
Diversification
 
Differentiation
 
Spending
 
Movement
When companies invest in robotic technology or other machines to reduce costs, this is called:
 
Automation
 
Rationalization
 
Research and development
 
All of the above
A technique used to assess opportunities and costs for a company
 
SWOT analysis
 
Porters Five Forces Analysis
 
PEST analysis
 
All of the above
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