The Competitive Environment Flashcards
1
Q
What is a monopoly?
A
A market which is dominated by one seller or producer. A monopoly occurs if a firm has a market share of 25%
2
Q
What is a competitive environment?
A
A situation where multiple business compete for the same customers
3
Q
What do businesses compete over?
A
Price, Quality, After sales services, Location, USP, Delivery, Branding
