Define the Following Terms

question 5

Essay

Define the following terms
-sociogram

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Definitions:

Herfindahl Index

A measure of market concentration used to determine the level of competition within an industry, calculated by summing the squares of the market shares for all firms in the market.

Differentiating Products

The strategy of making a product appear distinct from similar products in the market through branding, design, or quality improvements.

Concentration Ratio

A measure used to assess the degree to which a small number of firms dominate within an industry, often expressed as a percentage of total market share.

Concentration Ratios

Measures of market structure and competition which indicate the cumulative market share of the top firms in an industry.