03.23.08 The Competitive Situation - a brief summary 09

03.23.08 The Competitive Situation - a brief summary 09 -...

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Competitive situation number of competitors ease of entry local and foreign competitors marketing strategies substitutes Sustainable Competitive Advantage – the ability of a business to develop strategies that will ensure it has an advantage over its competitors for a long period of time. Factors Relating to a Business’s Competitive Situation 1. Number of competitors – refers to the size and number of firms that exist within an industry, known as market concentration. There are 4 types of market concentration Summarise from page 101 See page 101. Ease of Entry – refers to a person’s ability to establish a business within a particular industry. Often industries where there are many small firms, ease of entry is easiest. When there is a monopoly or oligopoly, ease of entry is more difficult due to costs or barriers. 2. Local Competition – those businesses competing and producing in the same market as you. 3.
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03.23.08 The Competitive Situation - a brief summary 09 -...

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