Below are businesses and a series of questions. Please help me fill in the table. You will have to use the answers to the questions to figure out which market type each business fits into. Below are the potential answers to questions 3 through 9 on the table.:
Below are businesses and a series of questions. Please help me fill in the table. You will have to use the answers to the questions to figure out which market type each business fits into.
Below are the potential answers to questions 3 through 9 on the table.:
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POTENTIAL ANSWERS |
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3. Size of Market |
Global, National, Regional, Local |
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4. Number of Buyers |
Many or Few |
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5. Number of Sellers |
Many, Few or One |
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6. Product Type |
Identical, Differentiated, Unique |
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7. Barriers to Entry |
High, Medium or Low |
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8. If high, why? |
Control Over Resources, Economies of Being Established, Economies of Scale, Legal Barriers (patents, licenses, ect.), Required Scale for Innovation, Economies of Platform |
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9. Market Type |
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Here's an Example Table Below:
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1. Business |
Bank of America |
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2. Industry |
Banking |
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3. Size of Market |
National |
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4. Number of Buyers |
Many |
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5. Number of Sellers |
Four major banks |
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6. Product Type |
Differentiated by customer service |
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7. Barriers to Entry |
High |
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8. If high, why? |
Legal Barriers, Economies of Being Established, Economies of Scale |
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9. Market Type |
Oligopoly |
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1. Business |
Berry Hill Farm’s Stand at the Farmer’s Market |
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2. Industry |
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3. Size of Market |
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4. Number of Buyers |
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5. Number of Sellers |
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6. Product Type |
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7. Barriers to Entry |
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8. If high, why? |
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9. Market Type |
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