46. Impact of Competitive and Market Structure

charcrawford
Mind Map by , created almost 6 years ago

A level Business Studies Mind Map on 46. Impact of Competitive and Market Structure, created by charcrawford on 12/18/2013.

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charcrawford
Created by charcrawford almost 6 years ago
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46. Impact of Competitive and Market Structure
1 Competitiveness measures the firms ability to compete i.e. compares its consumer offer to the offers made by its rivals
2 What is a Competitive Market?
2.1 Intense rivalry between producers of similar goods/ products
2.2 Increased number of firms = Increased competition
2.3 Firms try to create a USP or use predatory pricing
2.4 Prices and profit margins are squeezed
3 The Degree of Competition within a Market
3.1 One Dominant business
3.1.1 'Monopoly'
3.1.2 Single supplier and no competition
3.1.3 Bad for Customers: restrict choice, drive prices upwards.
3.1.4 Competition Commission - ' Monopoly is a firm that has a market share of 25%+'
3.1.5 Markets dominated by a large business, firms do not need to spend heavily on promotion (consumers are captive)

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