pp 100-109 Flashcards
1
Q
Industry Environment
A
the general conditions for competition that influence all businesses that provide similar products and services
2
Q
Barriers to Entry
A
the conditions that a firm must satisfy to enter an industry
3
Q
Economies of Scale
A
the savings that companies achieve because of increased volume
4
Q
Product Differentiation
A
the extent to which customers perceive differences among products and services
5
Q
Industry
A
a group of companies that provide similar products and services
