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Definition
| products are the same or similar; easily substituted. |
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| differentiated product; real or perceived differences exists. (color,style,quality) |
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| one of a kind; no close substitute exists. |
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Definition
| factors that inhibit the entry or exit of firms into or out of an industry: geography, high advertising cost, high cost of capital outlay,etc. |
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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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| firms complete on the basis of factors other than price; style, quality, special. |
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Definition
| Owned and controlled by one person. |
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Definition
| Owned and contolled two or more people. |
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