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Marketing 11 > Competition > Flashcards

Competition Flashcards

1
Q

What are the types of competition?

A

Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly

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2
Q

What is Perfect Competition?

A

Large number of small companies, no possibility of control

Ex. Farmer’s Market

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3
Q

What is Monopolistic Competition?

A

Large number of companies, possibility of some control

Ex. Resturants

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4
Q

What is Oligopoly?

A

Small number of companies, each with significant control

Ex. Pepsi and Coke

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5
Q

What is Monopoly?

A

Single company controls the market

Ex. Lcbo

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6
Q

What is a Sustainable Advantage? What are some examples?

A

They Hold customers despite competition.

Ex. Unique Selling Proposition, Lowering Production Costs, Servicing a Niche Market, Creating Customer Loyalty

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7
Q

What is a Non-Sustainable Advantage? What are some examples?

A

Shifts customers from the competition temporarily

Ex. Promotion, Placement, Quality, Benefits of Use, Design Features

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Marketing 11 (8 decks)

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