1) What is the competitive environment in business? a) The physical location of a business b) The legal and regulatory framework governing businesses c) The impact of competition from other businesses on decision making d) The number of employees working in a business 2) How can competition from other businesses impact decision making? a) It has no impact on decision making b) It affects the nature of ownership and pricing policies c) It only affects marketing methods d) It impacts the geographical location of a business 3) What is market size? a) The number of employees in a business b) The geographic area where a business operates c) The total revenue generated by a business d) The number of buyers and sellers in a particular market 4) Why is market size important for launching new products or services? a) Small markets are less likely to support a high volume of goods b) Large markets ensure high profits for businesses c) Small markets have fewer competitors d) Large markets guarantee customer loyalty 5) What can entrepreneurs do to understand target markets and weigh up competition? a) Conduct market research and identify a customer base b) Avoid researching target markets to maintain uniqueness c) Offer promotional discounts to attract customers d) Ignore competition and focus solely on product development

2.5.3 Competitive Environment

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