B5-M3 Market Influence on Business 2

Question 1

what is SWOT analysis?

Answer 1

SWOT are Strengths, Weaknesses, Opportunities, and Threats. It is an evaluation of internal and external factors contributing to an organization’s success. Strengths and weaknesses focus on internal factors while opportunities and threats relate to external factors

Question 2

what is patents?

Answer 2

Patents are an example of barriers to entry. Patents prevent other rival firms (without patents) from entering the market and consequently, are a form of barriers to entry. Patents can be process-related or product-related

Question 3

what are the 5 Porter’s forces?

Answer 3

1. Barriers to market entry
2. Bargaining power of customers
3. Bargaining power of suppliers
4. Existence of a substitute product
5. Market competitiveness

Question 4

when is price discrimination accomplished?

Answer 4

When customers are DISTINCT, a seller can charge different prices to different groups by justifying that the products they are buying are unique to that specific group