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.:   POTENTIAL ANSWERS 3. Size of Market Global, National, Regional, Local 4. Number of Buyers Many or Few 5. Number of Sellers Many, Few or One 6. Product Type Identical, Differentiated, Unique 7. Barriers to Entry High, Medium or Low 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 9. Market Type Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly Here's an Example Table Below: 1. Business Bank of America 2. Industry Banking 3. Size of Market National 4. Number of Buyers Many 5. Number of Sellers Four major banks 6. Product Type Differentiated by customer service 7. Barriers to Entry High 8. If high, why? Legal Barriers, Economies of Being Established, Economies of Scale 9. Market Type Oligopoly   1. Business  Thomas Law Offices 2. Industry   3. Size of Market   4. Number of Buyers   5. Number of Sellers   6. Product Type   7. Barriers to Entry   8. If high, why?   9. Market Type

Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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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.:

 

POTENTIAL ANSWERS

3. Size of Market

Global, National, Regional, Local

4. Number of Buyers

Many or Few

5. Number of Sellers

Many, Few or One

6. Product Type

Identical, Differentiated, Unique

7. Barriers to Entry

High, Medium or Low

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

9. Market Type

Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly

Here's an Example Table Below:

1. Business

Bank of America

2. Industry

Banking

3. Size of Market

National

4. Number of Buyers

Many

5. Number of Sellers

Four major banks

6. Product Type

Differentiated by customer service

7. Barriers to Entry

High

8. If high, why?

Legal Barriers, Economies of Being Established, Economies of Scale

9. Market Type

Oligopoly

 

1. Business

 Thomas Law Offices

2. Industry

 

3. Size of Market

 

4. Number of Buyers

 

5. Number of Sellers

 

6. Product Type

 

7. Barriers to Entry

 

8. If high, why?

 

9. Market Type

 

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