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Tina West (4)

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MKT 100
Tina West

i Analyzing competitionNo competitionThis is an industry where there is a single company that operates in an industry that produces a unique productMonopolies are influenced by the government and they are often subject to customer satisfaction audits and are audited to ensure that consumers are satisfied with the businesss productservices and make sure that the monopoly is making a large amount of profit and satisfying customersThe trends in publicly released information regarding monopolies can be used by competitors to put an end to the monopoly Some countries shifted away from monopolies to oligopolies where with a few competitors in the industry this sparks competition which drives innovation and gives consumer more variety Oligopolistic completionThis is when there a few competitors that exist in the market These oligopolies compete with each other in terms of price features of the product advertising and sales promotionThe Animal spirits is a term that refers to the desire to constantly improve products to satisfy customers and lower the cost of producingOligopolies eolve in industries that demand a large investment in capital assets such as equipmentand technologydistribution because these requirements encourage companies to merge or purchase each other Monopolistic competitionIn this market there is a lot of variety in the products competitors offer but serve to meet the same objective as the other productsThere are a lot of suppliers in this market where each have a small loyal market share and there is a lot of price competition Perfect competitionThere are a lot of competitors that offer the same productThey are price takers in the sense where supply and demand decides the pricePromoting their product is not very effectiveProducing products at their lowest cost and efficient distribution are key to being successful in the marketCompetition is defined by the competitors in the market and their share of sales in the market market share is the proportion a company sold in the total sales during a given interval of time
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