2.5.3 - The Competitive Environment Flashcards
1
Q
What is the competitive environment?
A
The degree of competition in the market and the buying power of customers and suppliers within that market
2
Q
What is a competitive advantage?
A
A feature that allows it to perform more successfully than others in the market
3
Q
What is market structure?
A
The number of firms within an industry and the way in which those businesses behave
E. G. differentiating products
4
Q
When does monopolistic competition occur?
A
When there are many firms in the market but there is some form of product differentiation
5
Q
When does an oligopoly occur?
A
When a few firms dominate the market
6
Q
When does a monopoly occur?
A
When one firm dominates the market
