The Competitive Market Flashcards
1
Q
Market size
A
The size of the market refers to the number of customers and businesses that buy and sell a particular product or product group
2
Q
Global markets
A
The largest market operating globally
3
Q
National markets
A
Markets contained to national borders
4
Q
Regional markets
A
Operate regionally, for example Merseyside trains in liverpool
5
Q
Local markets
A
Very small, businesses serve limited areas such as villages small towns and specific residential areas
6
Q
Determinants of competitiveness
A
> number and size of businesses in the market
extent of barriers to entry
degree of interrelationship
legal factors
7
Q
Impact of competitiveness on a market
A
> product range
less control of price
profit shared between big firms
marketing needs to umprove
