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About Introduction To Business: NQF Subject Examiner's Report
Up to 6 marks for explaining the term and providing a relevant example. Suggested answer (a) (i) Competition based pricing is where a firm sets its prices based on what competitors are charging for similar products. For example, a new mobile phone company may price its phones similar to Apple and Samsung to be competitive. (ii) Product differentiation is where a firm tries to make its product different or unique from competitors to stand out. For example, Apple differentiates its iPhones by focusing on design and user experience. (iii) A niche market is a small but specialized segment of the total market for a product. For example, specialist sports clothing brands target niche markets like surfing
Detailed Information
| Author: | ['Mohammad Tufel'] |
|---|---|
| Publication Year: | 2020 |
| Pages: | 17 |
| Language: | English |
| Format: | |
| Price: | FREE |
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