Types of Business Competition

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The number of brands that sell a product may affect the strength of the competition. And when there are many businesses selling a particular product, price considerations and product differences are considered more important and hence, number of brands selling the similar product determines the structure of the market.

Here are the types of business competition that exists in a market.

• Monopoly – It exists when there is only one brand marketing a product for which there are no close substitutes.

• Oligopoly – In an oligopoly, there are few firms marketing a product for which they control much of the supply. Products in an oligopoly are similar or uniform in nature like coal or steel with only perceived differences.

• Monopolistic competition – When many firms are marketing a product, each firm attempts to differentiate its product to convince consumers that their product is the one to buy.

• Perfect competition – If a perfect competition existed, it would be a market with a large number of sellers and no one could significantly influence the price or supply of the products.

Rajagiri Business School in Kerala offers you a choice of post graduation courses like MBA, MHRM, PGDM etc. Locates in the IT hub of Kerala at Kakkanad, this MBA College in Kerala promises you a serene environment, best in class learning infrastructures, best hostel facilities, and top placements. Rated as one of the Top B Schools in Kerala by Business World, this institution will definitely fulfill your dreams.  

To know more and admissions, visit: https://rcbs.rajagiri.edu/
Location: Kerala, India

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