Vocab
economic system where companies are privately-owned, versus being owned by the government
Capitalism
Consumers have the most power in which competition?
Pure Competition
collected from first-hand experience and give an example
Primary Data, Customer reviews, questionnaires, and price surveys
Direct Competition
These products are sold around the same price and are essentially the same product.
Agricultural commodities
Uses pricing to attract customers.
Price Competition
Additional Threats??
Competitive Threats
What is Secondary Data and give an example
collected from other sources Examples include industry publications, press releases, news stories, and public companies’ annual reports.
Health and beauty products are examples of _____?
Monopolistic Competition
Why do businesses scout each other?
to create a strategy and game plan
large number of companies provide essentially the same product and sell it at a similar price or the same price
Pure Competition
provides protection against monopolies.
Federal Trade Commission
Indirect Competition
When products or services are not the same, but they could satisfy the same need, i.e., bicycles are indirect competition to automobiles.
Car manufactures and airlines are ______?
Oligopolies
What is an example of a current monopoly?
Apple, Google, Microsoft, Facebook, NFL, USPS
Competing to attract customers based on features and attributes other than pricing.
Non-Price Competition
How are Oligopolies formed
Oligopolies are formed when fewer companies gain control of certain products.
Exist when a small number of companies control the supply of a good or service, and where the barriers to entry are highly restrictive.
Examples: Car manufactures, airlines, and wireless carriers like Verizon and AT&T.
Oligopoly
A market where a small number of companies control the supply of a good or service, and where the barriers to entry for other companies are highly restrictive.
Shark Tank is an example of what??
Capitalism
Pens and Highlighters are what?
In-direct competition
Direct Competition and give an example
When companies offer essentially the same product or service, i.e., Coke and Pepsi, Ford and GM.
Monopoly
A market where one company controls the supply of a good or service, where other options for consumers aren’t readily available, and where the barriers to entry for other companies are highly restrictive.
Competitive Analysis Grid
Great way to illustrate how you are different and relevant versus the competition.
Pick two meaningful measures, like convenience and cost, or quality and speed.
Pick the measures that are most important to your customers and that help put a spotlight on how you are different.
What company uses Non-Price competition and how do they do it?
Apple buy using the Features of the Iphone to promote their sells.
What is the opposite of Capitalism and where does is exist in our world now?
Communism
Russia, China and North Korea