Unit 20 - Market Structure and Competition Flashcards
the conditions that you work in and the way that they influence how effectively you can work
business environment
a person, team or company that is competing against others
competitor
the process of becoming or making something different
differentiation
a person or organization that supplies goods to shops and companies
distributor
goods that can be used for a long time and that people do not buy very often, such as televisions and cars
durable goods
someone who starts their own business, especially when this involves seeing a new opportunity
entrepreneur
a group of similar things that are close together, sometimes surrounding something
industrial cluster
someone who tries to win a competition, fight or sports event from someone who has previously won it
market challenger
a company that is not the leading company in a particular market but that chooses to keep its position rather than competing in a forceful way to increase its share of the market
market follower
the company that sells most of a product or service in a particular market
market leader
possible when the necessary conditions exist
market potential
a group of possible customers who are similar in their needs, age, education, etc.
market segment
the number of things that a company sells compared with the number of things of the same type that other companies sell
market share
a person who becomes a member of a group or organization
new entrant
a small area of trade within the economy, often involving specialized (= unusual and made for a few people) products
niche
