Competition & Consumers Review

A group of similar consumers within a larger market.

• Market

• Market Segment

• Target Market

• Sample

This type of competition occurs when companies offer similar products but they are clearly different for consumers.

• Limited Competition

• Intense Competition

• Monopolistic Competition

_____ _____ is a condition or circumstance that puts a company in a favorable or superior business position.

This type of competition occurs when companies offer a product or service with little to no competition.

• Limited Competition

• Intense Competition

• Monopolistic Competition

A particular group of consumers at which a product or service is aimed.

• Market

• Market Segment

• Target Market

• Sample

A person or organization that buys goods or services from a store or business.

• Customer

• Target Market

• Seller

• Service Provider

Customer _____ is a level of approval when comparing a product's perceived performance with his or her expectations.

This type of competition is the most difficult and occurs when competing with similar products.

• Limited Competition

• Intense Competition

• Monopolistic Competition

This process involves a customer, a product, a seller, and a transaction.

Consumers have an unlimited amount of products and services they can choose from today, especially with the internet.

• True

• False