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ECON 2b - Mark Struc

Econ 2b - Mark Struc

TermDefinition
Conglomerate Firm that has at least 4 businesses, making unrelated products with lots of diversification
Pure Competition Market where many buyers and sellers are competing over identical products
Monopolistic Competition Market where many buyers and sellers are competing over products that are slightly different
Oligopoly Market where a few large sellers dominate the industry with some differentiation among their products
Monopoly Market where one firm controls an entire industry
Product Differentiation Process used by businesses to distinguish a product or service from other similar ones available in the market
Multinational Company that has business operations in at least one country other than its home country
Non-price Competition Producers sell goods or services at the same price but compete in other measures like advertising, sales promotion campaign, or improving the quality
Brand Loyalty Repeat purchases of a company based on the perception of higher quality and better service than any competitor
Created by: ddenson80
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