Term
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Definition
| products are same or similaar; easiy substitude. |
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Term
| 2.. Heterogeneous product |
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Definition
| differentiated product; real or perceived differences exists (color,style,quality) |
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Definition
| one of a kind; no close substitute exsists |
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Term
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Definition
| factors that inhibit the entry or exit of firm of firms into or out of an industry: geography, high advertising cost, high cost of capital outlay, etc. |
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Term
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Definition
| a firm that accepts the market price determined by supply and demand. |
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Definition
| action taken by an industry leader to raise the price; other large firms follow suit. |
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Definition
| a firm that has control over the price of the product it sells; no competition. |
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Term
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Definition
| firms complete on the basis of factor other than price, style, quality, special. may be the perceived differences communicated via advertising. |
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