chapter 2 market structure types and segmentation Flashcards
characteristics of perfect competition
large number of businesses
price takers
homogenous goods
equal access to technology
full market information
no barriers to entry or exit
monopoly
single producer that has 100% of the market
erect barriers
price makers
oligopoly
many businesses but only a few dominate the market
characteristics of oligopoly
strong brand identity
brand loyalty
short price wars
barriers to entry
monopolistic competition
relatively small businesses in competition with each other
characteristics of monopolistic competition
few barriers to entry
products similar but differentiated
brand identity is weak
not price takers but limited degree
B2B
business to business
B2C
business to consumer
mass marketing
business targets the whole market
niche market
business targets a smaller sector of the market
psychographic
personality,opinions
demographic
age,social class,gender,income
types of segmentation
demographic,psychographic,geographic
geographic
regions of the country
global markets
selling goods or services to overseas markets
