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Competitive environment revision notes
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Competitive environment
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Competitive environment
A market is a set of buyers and sellers who interact to exchange goods or services.
Competition is the rivalry between businesses that offer similar products or services to the same customers, aiming to attract more sales and market share.
A market structure where a single firm supplies a product or service with no close substitutes, giving it significant control over price and output.
Uncertainty refers to situations where the future outcome is unknown and cannot be predicted with confidence.
An individual who creates, organizes, and manages a business venture, taking on financial risk in the hope of profit.
The possibility that an event will occur which could have a negative impact on a business’s objectives.
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