Chp-5 Flashcards
In economics sense marketing includes following activities
An arrangement through which buyers and sellers come in close contact with each other directly or indirectly
Classification of markets on the basis of place
Local market, national market, international market
Homogeneous product is a feature of this market
Perfect competition
Under perfect competition, sellers are
Price takers
The market where there are few sellers
Oligopoly
The point where demand and supply curve intersect
Equilibrium point
The cost incurred by the firm to promote sales
Selling cost
Number of firms producing identical product
Industry
Changing different prices to different consumers for the same product of services
Price discrimination
Perfect competition: free entry and exit:: _____ : barriers to entry
Monopoly
Price taker: ______ :: price maker:: Monopoly
Perfect Competition
Single price: perfect competition :: discriminate prices :_______
Monopoly
Selling cost : free gifts, advertisement hoardings, window display, patents
Patents
Market structure and the basis of competition: Monopoly, oligopoly, very short period market, perfect competition
Very short period market
Features of monopoly: pricemaker, entry barriers, many sellers, lack of substitute
Many sellers
Legal monopoly: patent, OPEC, copyright, trademark
OPEC
