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Definition
| products are the same or simlar; easliy substituted |
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| differentiated product; real or perceived differences exists |
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| one of a kind; no close substitute exists |
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Definition
| factors hat inhibit the entry or exit of firms into or out of an industry: geography, high advertising costs. high cost of capital outlay, etc. |
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Definition
| a firm that accepts the maket 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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Definition
| firms complete on the basis of factors other than price; style, quality, special. may be the perceived defferences communicated via advertising |
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