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In a highly competitive market, people will be trying to sell identical goods, to the same consumer, and the consumer will have a choice of, who to buy from, and ideally, we, as consumers would look for the cheapest one, and the highest quality, and markets, will fight, *price wars* lowering their price until a certain limit. Some companies will be able to drop charges as long as the other one, until they hit a point where if they hit a certain price, they will be losing money. So we as consumers, benefit from these price drops.
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How does competition among firms benefit consumers?
If you have competition between two competing firms they both must offer good service or product with competitive price. Another way to increase sales in a competitive market it to add "features" that customers want, such as free shipping, extended warranties, improved reliability, and so forth, all of which will benefit at least some of the consumers. When the marginal costs for thousands of "extras" approaches zero, the markets are flooded with goods having "features" that either nobody wants or nobody is willing to pay for.
What does product-benefit market segmentation involve?
Product-benefit segmentation is based on the perceived value or advantage consumers receive from a good or service over alternatives
How did Sony company utilize market research and intelligence issues to gain competitive advantage?
They organise it in such a way so they can spot what people want within the market, essentially identifying a gap in the market in which they occupy to make their products exactly what consumers in the target market want
What is a benefit of effective market research?
What is a benefit of effective market research
Difference between mass market and niche market?
Mass market is when business targets general consumers (the majority) in the market with general needs. Niche market is when business targets a small group of consumers with specific needs in the market.
What is the advantage of a consumers to choose from an adequate variety of goods and services?
a. It ensures a competitive market and allows for individual differences among consumers.
In a perfectly competitive market individual consumers have .?
no influence over determining price
In a perfectly competitive market, individual consumers have _____.?
no influence over determining price
What is the advantage of a consumers right to choose from adequate variety of goods and services?
a. It ensures a competitive market and allows for individual differences among consumers.
What is an advantage of a consumers right to choose from a adequate variety of goods and services?
a. It ensures a competitive market and allows for individual differences among consumers.
What is the main problem dahlia furniture private limited?
how to maintain their sales in a highly competitive market
How can countries within a competitive market benefit from trade agreements?
Countries with fewer restrictions can trade easily
What is one of the reasons marketing is essential to the free market system?
the correct answer is it helps educate consumers about competitive products.
Is a purely competitive firm a price taker?
Indeed it is. A competitive market means that there are a lot of companies that sell the same product. With this conditions, if a company rise the price, consumers will easily find another company, losing all profits. Therefore a firm cannot control the price in a competitive market, it has to take the market price.
How does competition among firms benefit consumers?
If you have competition between two competing firms they both must offer good service or product with competitive price. Another way to increase sales in a competitive market it to add "features" that customers want, such as free shipping, extended warranties, improved reliability, and so forth, all of which will benefit at least some of the consumers. When the marginal costs for thousands of "extras" approaches zero, the markets are flooded with goods having "features" that either nobody wants or nobody is willing to pay for.
What does product-benefit market segmentation involve?
Product-benefit segmentation is based on the perceived value or advantage consumers receive from a good or service over alternatives
What is a demand and supply curve?
A demand and supply curve is used in economic to show that in a competitive market, the price of a product will vary depending on the need of the consumers.
