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What type of strategy is when an organization attempts to succeed by distinguishing its products from those of the competition?
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Which is the main difference between perfect competition and monopolistic competition?
In monopolistic competition, sellers can profit from the differences between their products and other products.
What are advantages of competition?
Competition stimulate innovation. It also forces the prices of products to go down over time. With competition, consumers can pay reasonable rates for products.
How can a product achieve product differentiation?
products have both higher quality and lower cost than those of the competition.
What is the role of an entrepreneur in a mixed market economy?
selling against the competition by creating perceptions of difference and uniqueness in their products and services. They continually seek out customer needs that the competition is not satisfying and find ways to offer their products and services in such a way that what they're offering is more attractive than anything else available.
Main characteristics of sales oriented organisation?
A sales oriented organization must have a qualified sales representatives who has the knowledge of its products and be able to market its products to the general public.
What are the distinguishing characteristics?
Distinguishing characteristics are those characteristics that distinguish you or an object from others of its kind. Many products have features that are distinguishing characteristics.
What effect does competition have on price and why?
Competition will lower the price of products
Which is the main difference between perfect competition and monopolistic competition?
In monopolistic competition, sellers can profit from the differences between their products and other products.
What are advantages of competition?
Competition stimulate innovation. It also forces the prices of products to go down over time. With competition, consumers can pay reasonable rates for products.
What are Meditechs problems in introducing new products?
Meditechs face competition from their rivals whenever they introduce new products. Secondly, Meditechs face competition from unscrupulous businessmen who fake their products.
What is gained by the organization of products by use?
The organization of products by use helps in the identification of prospective users and the design of strategies to reach them.
What is safeguarding local products from competition called?
Protectionism
What best states the main difference between a monopoly and a monopolistic competition?
monoplistic competition involves slightly differentiated products while monoply involves a single product.
Why does competition foster efficiency?
1. Competition fosters efficiency because producers have to offer the best products at reasonable prices.
Why are apples and oranges perfect competition?
Increasing competition can lead to the fact that the prices of these products are lowered by the producing companies involved.
Give you some example of competition?
There are many examples of competition such as the sale of like products by different businesses. You can also have competition to win sports games or musical competitions.
How is monopolistic competition similar to perfect competition?
Monopolistic competition is a common market structure where many competing producers sell products that are differentiated from one anotherperfect competition occurs in markets in which no participant has market power
