In Marketing, the Form of Competition That Occurs When Only

question 113

Multiple Choice

In marketing, the form of competition that occurs when only one firm sells the product is referred to as

• A) pure competition.
• B) a megopoly.
• C) an oligopoly.
• D) monopolistic competition.
• E) a pure monopoly.

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Definitions:

Competitive Forces Model

A business framework devised by Michael Porter that analyzes competitiveness by recognizing five major forces that could endanger a company’s position.

Value Chain Model

Model that shows the primary activities that sequentially add value to the profit margin; also shows the support activities.

General Strategies

Refers to the broad methods or plans formulated by organizations or individuals to achieve major goals or objectives.

Differentiation

The act of making a product, service, or business stand out from its competitors by highlighting unique features or qualities.