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Definition
| products are the same or similar easily substituted |
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Definition
| differentiated product real or perceived differences exists |
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Definition
| one of a kind no close substitution exists |
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Term
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Definition
| factors that inhibit the entry or exisist into or our of an industry. |
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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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Term
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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 difference communicated via advertising |
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