2. Market Definition
Marketing is the
process of
communicating the
value of a product
or service to
customers, for the
purpose of selling
that product or
service
3. Perfect competition
A Perfect Competition
market is that type of
market in which the
number of buyers and
sellers is very large.
For example Internet
related industries.
4. Monopoly
A monopoly market is
a form of market
where the whole
supply of a product
is controlled by a
single seller. Example
Energy Grid
6. Monopolistic Competition
1. A large number of firms
2. Similar but differentiated products
3. Low barriers to entry
4. Market power
- Limited
5. Examples
- Restaurants
- Hotels
- Taxi’s
- Clothing
- Hairdressing