Economics Market structure - PDF
Added on 2021-02-20
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Economics - Market structure
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Explaining the meaning of the market structure and its analysis with the difference in betweenthe perfect and the imperfect competition. .................................................................................1REFERENCES................................................................................................................................3
INTRODUCTIONExplaining the meaning of the market structure and its analysis with the difference in betweenthe perfect and the imperfect competition. Market structure is been defined by different authors in a different way where economiststated that market structure referred as analysing the entire market for the purpose of predictingand defining the behaviour of the consumers (Auer and Schoenle, 2016). On the other hand,marketing managers defines market structure towards developing the competitive strategies forthe marketing plan. It has been examined by Economist that assessing the overall structure of themarket helps in decision-making and also in understanding the motivation among the customers.Mainly market structure is been categorized into four major segments that includes oligopoly,monopoly, competition and monopolistic competition. Market structure is counted as theorganizational and the other features of the market (Campbell, Goldfarb and Tucker, 2015). Itemphasizes on those characteristics that directly affects the nature of pricing and competition.The main features of market structure relates to the no. of firms, firm's market share, nature ofthe cost, product differentiation and customer turnover etc (Chong, E., Han, C. and Park, F. C.,2017). Market analysis is made been made by the firm for determining an attractiveness of themarket and in understanding the evolving threats and the opportunities as it relates to strengthsand the weaknesses of an organization (Weller, Kleer, and Piller, 2015). Market analysisinvolves various dimensions that are market size, market profitability, market trends, distributionchannels, growth rate and the success factors. Perfect competition Imperfect competitionIt refers to the kind of the competitive marketwithin which there are several sellers who arebeen selling the homogenous product servicesand the products to various buyers. Imperfect competition in the market existswhen the market, violates abstract tenets of theperfect competition. It is considered as the hypothetical situationwhich could not be applied in real world. It is counted as the situation that is beenfounded within the present world. Under perfect competition there are severalplayers present within the market (DifferenceBetween Perfect Competition and ImperfectCompetition, 2019). Under this market structure, there could onlybe few to more players as per the type of themarket structure. 1Difference Between Perfect Competition and Imperfect Competition. 2019
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