MGTA01H3 Chapter Notes - Chapter 4-5: Monopolistic Competition, Natural Monopoly, Liquor Control Board Of Ontario
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MGTA01H3 Full Course Notes
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Chapter 4 when buyers and sellers interact: how markets work. Market: the interaction of buyers and sellers, exchanging information about goods and services for sale prices are set by buyers and sellers. Advantages: entrepreneurs are permitted, consumers have choice, sellers can seek profit, buyers and sellers agreeing = mutual benefit. Target market: a particular group of people who share a $ of similarities eg. age, gender, income, location and have sim. Needs and wants and are identified by the sellers as being most likely to buy a bus. Economies of scale: the capacity to reduce costs when producing a good or service in very large quantities (a barrier to entry) And resources/tech will always be cheaper than rival (eg. nfl, nba, mlb) Certain regions have exclusive cable providers (eg. Try to differentiate themselves: business activities designed to convince potential customers that your produ(cid:272)t is differe(cid:374)t or (cid:271)etter tha(cid:374) (cid:455)our (cid:272)o(cid:373)petitors" produ(cid:272)ts. Chapter 5 understanding the business environment: measuring performance.
