TEST

Exercise 1. Match the terms with their definitions

A. Not able to be trusted
1. Monopoly (n)
B. Involving several different countries, or (of a business) producing and selling
2. Oligopoly (n) goods in several different countries

C. A list of matters to be discussed at a meeting

3. Globalise (v)
D. A situation in which words are left out of a sentence but the sentence can
4. Competitive edge (n) still be understood

E. Usual or repeated
5. Ellipsis (n)
F. The fact that a company has an advantage over its competitors
6. Untrustworthy (adj)
G. Complete control of something, especially an area of business, so that others
7. Supplier (n) haveExercise
no share2. Choose the best answer to fill in the blank.

H. A company, person, etc. That provides things that people want or need,
8. Manufacturer (n) especially over a long period of time

I. To put more effort into particular activities, in the belief that you will make a
9. Distributor (n) company more successful

J. To become, or cause something to become, stronger, and more certain

10. Timeframe (n)
K. The process of starting to include more different types or things
11. Habitual (adj)
L. A situation in which a small number of organizations or companies has
12. Refocus (v) control of an area of business, so that others have no share

M. A company that produces goods in large numbers:

13. Agenda (n)
N. A period of days, weeks, months, etc. Within which an activity is intended to
14. Sustainable (adj) happen

O. To (make a company or system) spread or operate internationally

15. Privilege (n)
P. A person or organization that supplies goods to shops and companies
16. Diversification (n)
Q. To make someone less confident, less powerful, or less likely to succeed, or
17. Consolidate (v) to make something weaker, often gradually

R. An advantage that only one person or group of people has, usually because
18. Reshuffle (n) of their position or because they are rich

S. Able to continue over a period of time

19.Undermine (v)
T. An occasion when the positions of people or things within a particular group
20. Multinational (adj) are changed

Answer:

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
1
 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.

Exercise 2. Choose the best answer to fill in the blank.

1. In pure competition, __________ supply and demand set the equilibrium price of a product.

A. Excess B. Market C. In short D. Suitable

2. Perfect competition stipulates that all buyers and sellers have perfect knowledge of all the
__________ in the market.

A. Competitors B. Conditions C. Costs D. Business

3. In pure competition, how much of a product a business produces is determined when the
marginal cost of production equals to marginal __________ from sales.

A. Revenue B. Challenge C. Supplement D. Leading

4. In monopolistic competition, businesses emphasize the __________ of their product in

order to get the highest price for it.

A. Reliability B. Capability C. Uniqueness D. Development

5. Businesses often use nonprice competition, such as promotions and aggressively

__________ the product on TV or online, to lure consumers into buying it.

A. Understanding B. Consisting C. Advertising D. Generating

6. Oligopolies often _______ each other's actions, such as revising prices to match that of
other giant firms producing the same products.

A. Action B. Practice C. Launch D. Mirror

7. Oligopolists compete by using non-price measures, such as changing the __________ of a

model of an automobile.

A. Appearance B. Head C. Competition D. Competitors

8. Sometimes oligopolists engage in __________ with others in the same business, and this
often leads to price-fixing, which is illegal.

A. Conclusion B. Impression C.Development D. Evidence

9. Non-price competition is expensive, so __________ products are often more expensive

than monopolistic products.

A. Oligopoly B. Oligopolist C. Oligopolists D. Oligopolies

10. A geographic monopoly is when only __________ business in a region is selling a product
or the product cannot be sold in other ways.

A. Buyers B. Customers C. Sellers D. Consumers

11. A technological monopoly may arise when one company has a patent on a particular
production technique or a __________ on written material that it has an exclusive right to
market.

2
 A. Copyright B. Organisation C. Corporation D. Supplement

12. A government monopoly involves products or services, such as water provision and
treatment, that the __________ sector cannot adequately supply.

A. Social B. Private C. Public D. Dramatic

13. No matter what the market structure, businesses strive to achieve maximum __________
by adjusting production to price.

A. Order B. Wage C. Profit D.Loan

14. Lack of competition lowers a business's incentives to use __________ more efficiently.

A. Sources B. Resources C. Resource D Source

15. All participants in the economy must have adequate __________ in order for the market to
function efficiently.

A. Improving B. Leading C. Information D. Demanding

16. Resource __________ is a situation in which necessary inputs do not move to market
where they would earn higher returns.

A. Difficulty B. Immobility C. Capability D. Reliability

17. Government must produce sufficient and viable public goods because private business
cannot __________ by providing them.

A. Profit B. Loan C. Announced D. Correlate

18. Replacement competitors (also called potential competitors) are vendors who have the
_______ to replace the business’ offering altogether by providing a new solution.

A. Capability B. Ability C. Reliability D. Possibility

19. Competition can be another product or service that's being ______ and which you ought to
be selling or looking to license before somebody else takes it up.

A. Developed B. Announced C. Advanced D. Started

20. Your competitor could be a new business offering a _________ substitute or similar
product that makes your own redundant.

A. Product B. Customer C. Sales D. Goods

Answer:

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
11. 12. 13. 14. 15. 16. 17. 18. 19. 20.

Exercise 3. Make sentence with these given words.

1. Different /sports, /different industries /be /large /monopolise /a small group /teams/companies.
...........................................................................................................................................................
.......................................................................................…………………………………………

3
2. The /word /‘one-firm industry’ /be /use /bit /more /loosely /that, /also /apply /if /you /have /a
/industry /really /high /concentrate /industry /one /two /three /firms.
...........................................................................................................................................................
.......................................................................................…………………………………………
3. There /be /industries /which /it /make /sense /have /few /very /large /firms /that /would /be
/case /in natural monopolies /you /can’t have /competitive environment /simple /because /there
/be /not /enough /scope /in /market or /it /too /expensive /set /a number /firms /with the upfront
/investment /that /be /require.
...........................................................................................................................................................
.......................................................................................…………………………………………
4. Both /business /sport /be /become /increase /globalise /compare /the past.
...........................................................................................................................................................
.......................................................................................…………………………………………
5. As /they /provide /same /level /customer satisfaction, /direct /rivals /direct /competition /one
another.
...........................................................................................................................................................
.......................................................................................…………………………………………
6. Monopolistic /environment /businesses /use /various /advertising /marketing /strategies
/promote /products /assure /consumers that /provide /high quality.
...........................................................................................................................................................
.......................................................................................…………………………………………
7. Porter's Five Forces /be /method /identifies /analyzes /five /competitive /forces /shape
/industry /involve /competitive /rivalry /new entrants /power /buyers, power /suppliers, and
/threat /substitutes.
...........................................................................................................................................................
.......................................................................................…………………………………………
8. The /government /force /breaks /large /companies /dominate /industry /sector.
...........................................................................................................................................................
.......................................................................................…………………………………………
9. Big /industry /firms /were /try /find /critical /mass /they /need /survive /new /'economic world
war'.
...........................................................................................................................................................
.......................................................................................…………………………………………
10. /We /have /arrange /have /lunch /first /then /kick /the meeting /that.
...........................................................................................................................................................
.......................................................................................…………………………………………
11. To /agree /common /price /strategy /rivals /be /one /illegal /strategies /increase /market
/power.
...........................................................................................................................................................
....................................................................................……………………………………………
12. Try /use /social /media, /hold /focus /groups, /conduct /surveys /learn /qualities /the
individuals /buy /your /products and /determine /perfect /profile /target.
...........................................................................................................................................................
.......................................................................................…………………………………………
13. Even /though there /be /several /social /media /platforms /small /number /channels /control
/market /make /social /media /sector /a /oligopoly.
...........................................................................................................................................................
.......................................................................................…………………………………………

4
14. Competition /business /environments /also /impacts /customers /positive /because
/businesses /often /offer /innovative /products /affordable /prices /attract /consumers /attention.
...........................................................................................................................................................
.......................................................................................…………………………………………
15. Competing /firms /pure /competition /may /substantial /client /base /minimal /market /power.
...........................................................................................................................................................
.......................................................................................…………………………………………
16. If /they /creating /similar /products /use /more /efficient /production /process, /consider
/analyze /how /adjust /business /model /attain /equivalent /profitability levels.
...........................................................................................................................................................
.......................................................................................…………………………………………
17. Attempt /direct /company /efforts /provide pleasant /customer /service /experiences /order
/persuade /people /make /further /purchases, /hence /boost /revenue /market /position.
...........................................................................................................................................................
.......................................................................................…………………………………………
18. Perfect /competition /be /a ideal /create /perfect /competition /the /textbook /sense /no
/transaction /costs /and /perfect /information /all /rest /it /be /never /go /happen.
...........................................................................................................................................................
.......................................................................................…………………………………………
19. I /think /possible /bring /markets /closer /the perfect /competitive /ideal /the way /do /might
/be /reduce /entry /barriers/make it /easier /firms /compete.
...........................................................................................................................................................
.......................................................................................…………………………………………
20. A /competitive /environment /where /different /businesses /compete /use /various /promotion
/strategies, /marketing /channels, /price /methods /within /given /market.
...........................................................................................................................................................
.......................................................................................…………………………………………

Exercise 4. Translate from English to Vietnamese.

1. Competition in business is the contest or rivalry among the companies selling similar products
and/or targeting the same target audience to get more sales, increase revenue, and gain more
market share as compared to others
...........................................................................................................................................................
........................................................................................…………………………………………
2. Competition is a fact of doing business. Businesses see competition in the form of price,
quality, design, sales, location, and almost every business process.
..........................................................................................................................................................
........................................................................................…………………………………………
3. Competition makes the business dig deep into the actual needs, wants, and demands of the
customers and makes it more interested in serving them better than other players.
...........................................................................................................................................................
......................................................................................…………………………………………….
……………………………………………………………………………………………………...
4. If you want to improve an organization's bottom line, you might benefit from reviewing the
best practices for managing the competition it faces.
..........................................................................................................................................................
........................................................................................…………………………………………..
……………………………………………………………………………………………………..

5
5. Direct competitors offer a product addressing a near equivalent consumer need. For example,
KFC and Jollibee are direct competitors.
..........................................................................................................................................................
........................................................................................…………………………………………..
6. Typically, consumers view competition in business as primarily beneficial to them, since they
can buy new products at better prices
..........................................................................................................................................................
........................................................................................…………………………………………..
7. Coke vs Pepsi is a great example of direct competition. Both companies offer almost the same
product but try to build their market share using marketing and positioning strategies.
..........................................................................................................................................................
........................................................................................…………………………………………..
8. Companies compete against other companies to generate more sales, increase their revenues,
and gain more market share.
..........................................................................................................................................................
........................................................................................…………………………………………..
9. An oligopoly is a market structure in which there are a handful of businesses that provide a
particular good or service. The market is dominated by a few businesses and this results in
limited competition.
..........................................................................................................................................................
........................................................................................…………………………………………..
10. The smartphone was a replacement competitor of digital cameras. Even though these two
products had different uses, smartphones had the ability to provide a totally new solution to the
existing photography needs of the customers.
..........................................................................................................................................................
........................................................................................…………………………………………..
11. A monopoly is the exact opposite of perfect competition, but it does bear similarity to an
oligopoly.
..........................................................................................................................................................
........................................................................................…………………………………………..
12. Knowing who your competitors are, and what they are offering, can help you to make your
products, services and marketing stand out. It will enable you to set your prices competitively
and help you to respond to rival marketing campaigns with your own initiatives.
..........................................................................................................................................................
........................................................................................…………………………………………..
13. As a marketing, sales or advertising professional, understanding competition in business may
help you improve your efforts and maximize your success.
...........................................................................................................................................................
.......................................................................................…………………………………………..
14. A high amount of business competition may be a sign of a healthy, profitable marketplace
and often enhances the overall quality of available products and services by encouraging
organizations to improve their operations, fulfill the needs of their customers and develop their
client relationships.
...........................................................................................................................................................
.......................................................................................…………………………………………..
15. When all elements are analyzed, it is possible to map all the facets of competition for a tech
business model to understand better where a business stands in the marketplace and its possible
future developments.

6
..........................................................................................................................................................
........................................................................................…………………………………………..
.........................................................................................................................................................
16. In marketing, competition is a consideration that marketing professionals include in their
marketing campaigns to help specific companies differentiate themselves from the other market
competitors.
...........................................................................................................................................................
.......................................................................................…………………………………………..
17. Competition can create conditions where one company is more favorable to customers and
the other company wants to attract more of those customers.
...........................................................................................................................................................
.......................................................................................…………………………………………..
18. Indirect competition can sometimes occur between two companies that operate in different
industries.
...........................................................................................................................................................
.......................................................................................…………………………………………..
19. Replacement competition is when two companies offer different products or services that a
customer can choose between as a replacement.
...........................................................................................................................................................
.......................................................................................…………………………………………..
20. Frequent competition means that the company is always trying to evolve in customer
service, operations, marketing strategies and improving its core products and services.
...........................................................................................................................................................
.......................................................................................…………………………………………..

Exercise 5. Complete the following sentences (about 10 words for each

sentences
1. In a monopolistic environment, ...........................................................................................
....................................................................................................................................................
2. An oligopoly infrastructure occurs when ............................................................................
....................................................................................................................................................
3. The competitive environment is where ...............................................................................
....................................................................................................................................................
4. The company decided to ......................................................................................................
....................................................................................................................................................
5. Rival manufacturers have ....................................................................................................
....................................................................................................................................................
6. A monopolistic company does not ......................................................................................
....................................................................................................................................................
7. To develop a great marketing strategy, you need to ............................................................
....................................................................................................................................................
8. In order to effectively compete with each other businesses need to ...................................
....................................................................................................................................................
9. A competitive environment also has ...................................................................................
....................................................................................................................................................
10. Businesses often offer .........................................................................................................
....................................................................................................................................................
11. Direct competitors are .........................................................................................................
....................................................................................................................................................
7
 12. Indirect competitors are .......................................................................................................
....................................................................................................................................................
13. Competitive environment analysis helps managers identify ...............................................
....................................................................................................................................................
14. Companies must understand the different types of competitors in order to ........................
....................................................................................................................................................
15. Perfect competition is ..........................................................................................................
....................................................................................................................................................
16. Imperfect competition is ......................................................................................................
....................................................................................................................................................
17. Innovation is important in today's competitive business environment because ..................
....................................................................................................................................................
18. Competitive environments affect ........................................................................................
....................................................................................................................................................
19. In competitive environments, businesses must ...................................................................
....................................................................................................................................................
20. Understanding the competitive environment is ...................................................................
....................................................................................................................................................

Exercise 6. Read the passage and answer the questions

The advertising battles of Coca-Cola and Pepsi throughout history.
Coca-Cola, perhaps due to its comfortable leadership, used more stereotypical symbols, such as
the polar bear and Santa Claus for Christmas advertisements, which pointed to illusion, magic,
and family unity. Instead, Pepsi's campaigns were aimed at discrediting Coca and its symbols,
trying to show that it does not deserve its leadership position.
During the 1940s, Walter Mack was at the helm of Pepsi-Cola, and at that time he stood out for
supporting progressive causes, during an era marked by racism. Therefore, he considered that
the advertising strategy was aimed at the general public, but that excluded or denigrated African
Americans.
Thus, the company decided to invest in campaigns aimed at this racial sector to expand its
market share. Despite the sugar crisis, Mack came to form a sales team solely to attract the
public of color, for which they suffered a lot of discrimination, both from Pepsi employees
themselves and from entities such as the Ku Klux Klan and the laws of racial segregation in
force in the country.
Even so, the company increased its market share considerably and was able to take advantage of
its inclusive policy to denounce the racism of Coca-Cola for promoting a drink for whites only.
It also outsold its rival in sales during that time in Chicago, but the company was concerned that
it would increase that racial market segment among customers. Therefore, after repeated
pressure, Walter Mack left Pepsi-Cola, and his sales team to attract the African-American
collective was dissolved.
Already in the 1970s, the clearest example of making a marketing strategy against its main
competitor is the controversial campaign launched in 1975, called "Pepsi challenge", where the
firm defeated its competitor with a test of the two flavors of soda, totally blind, in which people
had to try two unlabeled cups with each of the brand's contents inside.
Only in this way, he appealed to an honest test in which people, without knowing what they
were drinking, chose the drink they liked. Thus, many people chose the taste of Pepsi over that
of Coca-Cola, so PepsiCo invested large sums of money in advertising, hiring celebrities such as
Michael Jackson, Tina Turner, and Michael J. Fox, among others, to promote the drink among
young consumers.
8
Of course, Coca also carried out campaigns in response to Pepsi's hints, which sought to ridicule
its constant siege to gain positioning. So it is that to this day Coca Cola remains the number one
brand of beverages, while Pepsi remains in second place following in its footsteps, lurking and
waiting for the moment to take the big leap that will take away the leadership.

Questions:

1. Name some stereotypical symbols of Coca-Cola’s advertisement templates?

..........................................................................................................................................................
........................................................................................…………………………………………..
.… ...................................................................................................................................................
2. During the 1940s, what was the difference between the two advertising campaigns of the two
soft-drink giants?
..........................................................................................................................................................
........................................................................................…………………………………………..
3. What was the marketing campaign of PepsiCo in 1975?
...........................................................................................................................................................
.......................................................................................…………………………………………...
.. ......................................................................................................................................................
4. Did PepsiCo create a workable competition with Coca – Cola?
...........................................................................................................................................................
.......................................................................................…………………………………………...
5. What can you obtain from the battles of the two soft-drink giants?
...........................................................................................................................................................
.......................................................................................…………………………………………...
.........................................................................................................................................................

The end