VIIHPEUI U Knowledge and Understanding 1. Match eadt ofthe following terms to the cor- rect denition below: {a} category killers (b) market share (c) competition (d) pariage design [e] occlusive [i] value-added service distribution (k) market segment [i] one important feature of a free-market economy {ii} something that can be achieved when a company uses the same resources to pro duce more or better products or services (iii) a type of competition in which the prod- ucts or sendces are not directly related to one another (iv) a way of describing the fact that a con- sumer is most likely to think about one brand of product or service before thinking about any other (it) this feature gives a product a competitive edge because no other similar product has a placement in that market (vi) big retail stores that specialize in a spe- cic product category like books, hard ware, or pet supplies are sometimes given this label [vii] one way to compete for the cusromer's attention (viii) an extra offered by some cornpal'ties to attract customers {is} percentage that one company's product takes of the total dollars spent by con sumers on products within a specic market category (s) a much narrower version of a market share (f) productivity (3] indirect competition (it) top-of-the-mind (i) landed costs IIU'IUII (iii) an amount that raises into account the shipping costs and the currency exchange. as wet] as the tariff rates 2. How can increasing competition have a posi- tive impact on the productivity of a business's workforce? 3. Select an industry in your community and identify the business that is considered to be the dominant business. Why does that busi- ness dominate that market? Thinking and Inquiry 1t. A free market implies the existence of prot, private property, and competition. Explain how the Canadian Free-market system has an impact on you and your fellow students 5. Businesses have many freedoms, but there are certain activities that these businesses must not engage in, such as selling cigarettes or tiquor to minors. List five activities in Canada's free-market society that businesses are restricted from engaging in. IE. ls there any way that different levels of gov- ernment might assist smail- and medium sized businesses to compete with big-box stores like Costco, Staples. Home Depot, and Wai-Marti Explain your position. '3. identify two companies that compete directly and two that compete indirectly with ead't of the following: a submarine sandwich shop, a World Wrestling Entertainment mm, a Cineplex-Odeon theatre. and a taxi cab. 8. Why are some products successful in the mar ketplace while others are not? As a ciass, dis- cuss this issue and create a list of reasons why some products succeed and others Fail. 11. Service seems to be the direction for business in this century. Identify two services that could be added to each of the following goods: (a) flowers in a flower shop; (b) a personal computer; (c) a set of golf clubs; (d) a diamond ring. How would these serv- ices help the businesses gain an advantage over their competition? Tell local businesses about your findings to determine if your sug- gestions are feasible. Report back to the class