The Competitive Environment Flashcards
1
Q
What is a ‘Market’?
A
A place where companies sell a product amd consumers buy them
2
Q
What is ‘Competition’?
A
When other businesses are in the same market and want to attract the same type of customer
3
Q
What is an’Monopoly’?
A
When a Single Company controls a market
4
Q
What is ‘Market Share’?
A
Percentage or sales in a market from a single company
5
Q
How to Calculate ‘Market Share (%)’?
A
(Profit from Business / Profit from Market) x 100
