(C #1) Characteristics of people who buy the product
(C #2) Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service. Where the market information flows freely, competition plays a regulatory function in balancing demand and supply.
The segment of the consumer market to which a particular good is targeted. Target markets are typically defined by demographic information such as age, gender and income level.
The belief that one’s own culture, values, beliefs, and customs represent the right of doing things, and that value systems of other countries are not important.
Statistical data about various characteristics of the population, including age, gender and income.
Products that are very similar are in direct competition. Market situation where two or more firms offer essentially the same good or service.
Every business is in competition with every other business. Competition among the suppliers of different types of products that satisfy the same needs. For example, a pizza shop competes indirectly with a fried chicken shop, but directly with another pizza shop.
The ability of a country or company to produce a product more cheaply or efficiently than its competitors. The advantage may be based on technology, access to raw materials, marketing, management, quality, price, productivity, warranty or service.
Economies of Scale
A theory that suggests that the more products you can make in one factory, using the same labour and other overhead costs, the cheaper each individual unit will be.
The amount of money remaining from an individual’s salary or wages after all essential living expenses, including rent and groceries, have been paid.