BUS 1-8 Competition Vocab

An economic system where companies are privately-owned, versus being owned by the government

• Capitalism

• Socialism

• Market

• Traditional

The rivalry between companies selling similar products and services.

• Product Differentiation

• Competition

• Marketing

• Exit Barriers

When companies offer essentially the same product or service

• Direct Competition

• Indirect Competition

• Pure Competition

• Price Competition

When products or services are not the same, but they could satisfy the same need

• Direct Competition

• Indirect Competition

• Replacement Competition

• Global Competition

Competing to attract customers based on features and attributes other than pricing.

• Direct Competition

• Indirect Competition

• Price Competition

• Non Price Competition

A market where one company controls the supply of a good or service, where other options for consumers aren't readily available, and where the barriers to entry for other companies are highly restrictive.

• Monopoly

• Oligopoly

• Regulated Monopoly

• Pure Monopoly

A market where a small number of companies control the supply of a good or service, and where the barriers to entry for other companies are highly restrictive.

• Monopoly

• Oligopoly

• Regulated Monopoly

• Pure Monopoly

Information that you collect directly from first-hand experience.

• Primary Data

• Secondary Data

• Tertiary

• Transactional Tracking

A market where a large number of companies provide essentially the same product and sell it at a similar price or the same price, and barriers to entry for new entrants are low.

• Indirect Competition

• Direct Competition

• Pure Competition

• Price Competition

Uses pricing to attract customers.

• Indirect Competition

• Direct Competition

• Pure Competition

• Price Competition