About This Chapter
Competitive Market & Environment - Chapter Summary
The lessons examined in this chapter will educate employees about the effects of competition in the marketplace. Let your staff discover how organizations can use this competitive structure for their benefit. Employees will find out more about these key concepts:
- Attributes of a competitive market
- Benefits and disadvantages of a competitive business market
- Key competitive strategies
- Effects on pricing and promotional campaigns
- Competition factors related to global marketing
You can use our materials during training meetings for large groups of employees, or you can let each of your employees work their way through the chapter at their own pace. To make sure they are learning everything they can about surviving in a competitive global economy, you can assign the lesson quizzes and chapter exam. As your staff members go through these materials, they may come up with questions about how to respond to competitors, so we have made our instructors available to provide further clarifications.
How It Helps
- Strengthens knowledge base: Team leaders require a deeper understanding of how competition affects sales and marketing to develop stronger competitive strategies.
- Increases global awareness: With so much business conducted online, organizations have to start considering their competition around the world to guarantee business longevity.
- Teaches competition survival skills: Most of the major markets are flooded, so your team members need to learn key survival skills to keep your business competitive in today's economy.
Upon completing this chapter, employees will know how to:
- Identify the characteristics contributing to competition in the marketplace
- Spot the obstacles involved in going against competitors
- Examine competitors in a flooded market and learn about common strategies
- Inspect how competition affects distribution and promotional marketing
- Compare the advantages and drawbacks to competing in a global market
1. What Is a Competitive Environment in Business? - Definition, Examples, Advantages & Disadvantages
So many markets are flooded with firms, making them extremely competitive. This lesson will provide examples and discuss the pros and cons of being in a competitive business environment.
2. Practical Application: Competitive Market Characteristics Infographic
This infographic will help you recall the characteristics of a competitive market. You can print this infographic and use it to share the information with colleagues in your workplace as well.
3. How The Competitive Environment Affects Business: Examples & Importance
Competition is essential for the successful operation of a market economy. Competition helps provide the best products and services at the best price. In this lesson, you'll learn about competition and some strategies employed by competitors.
4. Competition in the Global Business Environment: Explanation & Examples
In this lesson, we will explore and analyze global competition. We will also look at its impact on how a company operates and how it competes for both customers and employees.
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