There are four main types of markets: perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition is characterized by many firms producing the same standardized product and taking the market price as given. Monopolistic competition involves many sellers offering similar but differentiated products that are close but not perfect substitutes. Oligopoly is defined by only a few firms in an industry due to barriers to entry like economies of scale or government limits. Monopoly exists when there is only one seller of a unique product without close substitutes.

1. MARKET AND ITS
TYPES
LEARNING OUTCOME – 7
TASK- 7.2.1

2. What is MARKET ?
 Market is the management
process involved in identifying,
anticipating and satisfying
customer wants profitably.
 Marketing is not just selling. It is
about knowing and
understanding your customer.

3. Types of Market
PERFECT COMPETION
MONOPOLISTIC
COMPETION
OILGOPOLY
MONOPOLY

4. PERFECT COMPETITION
A market with a very large
number of firms, each of
which produces the same
standardized product and
takes the market price as
given.
A price – taking firm.

5. OILGOPOLY
OILGOPOLY --- There are just a
few firms in the market, a result
of two sorts of barriers to entry
:
 Economies of scale.
 Government may limit
number of firms in the
market.

6. Monopolistic Competition
Monopolistic competition refers to
competition among a large
number of seller of similar but
differentiated products, which are
close substitutes but not perfect
substitutes of one another.
As such is a market situation in
which both monopolistic element
and competitive element are
foreseen.

7. NAME : HARJIT KAUR
ROLL NO : 1224
MARKETING EXUCUTIVE
UINT 2