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Market Structure - Coursework Example

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This work "Market Structure" describes the market structure as a particular type of organization of a market. This work focuses on the key characteristics, entry barriers and existing competition in marketing. The author outlines the types of markets and their characteristics and the main priorities of this industry. …
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Market Structure
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Download file to see previous pages The market structure is mainly classified based on the number of active players in that market. These market players are the main component to supply a particular type of product in that market. If we look at the economists' view, these players within an industry are the main parameter for the level of competition in that industry. Whether it is a perfect competition or monopolistic competition these players supply only a small portion of the total output for the industry but this small contribution only determines the main market structure. If we talk about the market types there are few players in the oligopoly markets, only two in duopoly and a single player in the monopoly markets.
If we talk about car manufacturing companies in the automobile industry there is much company that plays there an active role in the market. But still, they have different characters in different market conditions.
But if we look at the service industry especially retail banking, there are many players in retail banking and due to an increased number of players, intense competition can be seen in the retail banking industry in any market.
The price decision is another important characteristic of any market. If we look at the market in perfect competition, the prices in this market are mainly decided by the market conditions and there is no control of any individual firm over it. But in a monopolistic or oligopoly markets, the price of the product has some control of the players within that market. Whereas if we look at the monopoly market the price of the product is totally dependent on the firm in that market.
The type of product sold in the market is another characteristic that plays an important role in classifying the market structure. If we look at a market under perfect competition, all the players in this industry sell identical products and there is no product differentiation for any firm. But in the monopolistic competition, some type of product differentiation can be found i.e. in this type of market the firms in the industry are assumed to produce somewhat different products also known as substitute products.  ...Download file to see next pagesRead More
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Market Structure Coursework Example | Topics and Well Written Essays - 2500 words. https://studentshare.org/marketing/1717248-microeconomics
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Market Structure Coursework Example | Topics and Well Written Essays - 2500 Words. https://studentshare.org/marketing/1717248-microeconomics.
“Market Structure Coursework Example | Topics and Well Written Essays - 2500 Words”. https://studentshare.org/marketing/1717248-microeconomics.
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