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Definition
| Products are the same or similar; easily substituted |
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Term
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Definition
| Differentiated product; real or percieved differeces exist (color, style, quality) |
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Term
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Definition
| Many firms, homogeneous, price is determined by market, no ponprice competition |
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Term
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Definition
| Many firms, heterogeneous, price determined by market and small amount of discretion, some nonprice competition (i.e., advertising) |
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Term
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Definition
| Few firms, homogeneous, price determined by market and considerable discretion and leadership |
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Term
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Definition
| Few firms, heterogeneous, price determined by market and considerable discretion and leadership, extensive nonprice competition |
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Term
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Definition
| One firm, establishes price at most profitable level possible, advertising of firms image is their nonprice competition |
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Term
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Definition
| Action taken by industry leader (i.e., Nike) to raise the price; other large firms follow suit |
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Term
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Definition
| Bills and acts designed to monitor and regulate big business; prevent monopolies |
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Term
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Definition
| A firm that has control over the price of the product it sells; no competition (i.e., monopoly) |
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