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Competition

Competition. Competition – the rivalry between two or more firms in an industry / market (attempting to attract customers to their product). Competitiveness – the characteristics of a business which allow it to effectively compete / attract customers from its rivals.

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Competition

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  1. Competition Competition – the rivalry between two or more firms in an industry / market (attempting to attract customers to their product). Competitiveness – the characteristics of a business which allow it to effectively compete / attract customers from its rivals.

  2. Market Structure (Level of Competition)

  3. Market Structure (Level of Competition) • Competitive • Oligopoly • Monopoly (see p.255-256)

  4. Market Structure & the Marketing Mix The level of competition in the market is a major influence upon the firms marketing decisions and will have an influence on each element of the marketing mix. (See p.256-257)

  5. Improving Competitiveness • An individual business might not be able to influence the level of competition in the market, but they can attempt to improve their own competitiveness against their rivals. • This can be done by using both: • Marketing methods • Non Marketing methods • (see p.258-259 + extra notes + extension reading)

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