Electronic commerce is transforming how companies do

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Unformatted text preview: place existing products and services. Changes in technology can also have an impact on customer value by reducing the cost of products, improving the quality of products, and providing new products that were not previously feasible. Electronic commerce is transforming how companies do business. LO5 Discuss the forms of competition that exist in a market. There are four forms of competition: pure competition, monopolistic competition, oligopoly, and monopoly. While large companies are often used as examples of marketplace competitors, there are 23 million small businesses in the United States, which have a significant impact on the economy. LO6 Explain the major legislation that ensures competition and regulates the elements of the marketing mix. Regulation exists to protect companies and consumers. Legislation that ensures a competitive marketplace includes the Sherman Antitrust Act. Product-related legislation includes copyright, patent, and trademark laws that protect companies and packaging and labeling laws that protect consumers. Pricing- and distribution-rel...
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