Explain the Meaning and Significance of Each of the Following

question 35

Essay

Explain the meaning and significance of each of the following:
a)Driving forces
b)PESTEL analysis
c)Strategic group mapping
d)Key success factors

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Definitions:

Free Trade

An economic policy that allows imports and exports between countries with minimal or no tariffs, quotas, or prohibitions.

Oligopoly

A market structure characterized by a small number of firms whose decisions affect and are affected by each other.

Nash Equilibrium

A concept in game theory where each player's strategy is optimal given the strategies of other players, and no player has anything to gain by changing only their own strategy.

Economic Profit

The difference between total revenue and the total opportunity costs (both explicit and implicit) of all resources used by a business.