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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
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- Spring '14