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MKT 2210 (46)
Lecture

marketing 8.docx

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Department
Marketing
Course
MKT 2210
Professor
Subbu Sivaramakrishnan
Semester
Fall

Description
competitive forces competition refers to the alternative firms that could provide a product to satisfy a specific markets needsa alternative forms of competitionthere are four basic forms of competition in pure competition every company has a similar productin monopolistic competition many sellers compete with their products on a substitutable basisoligopoly occurs when a few companies control the majority of industry salesmonopoly occurs when only one firm sells the productb components of competition three forces drive industry competition1 entryentry refers to the likelihood of new competitorsbarriers to entry are business practices or conditions that make it difficult for new firms to enter the market2 power of buyers and supplierspowerful buyers exist when they are few in number or there are low switching costssuppliers gain power when the product is critical to the buyer or there are high switching costs3 existing competitors and substitutes
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