3. State two disadvantages of selling in a niche market.
4. How is market share calculated?
5. State three advantages of giving products brand names.
6. State two advantages to customers of online retailing.
7. What is meant by a dynamic market?
8. How might the nature of a market change over time?
9. State three reasons why a market might grow.
10. Describe two ways a business might adapt to changes in markets.

Question

19-06-2024
Business

Answered

3. State two disadvantages of selling in a niche market.
4. How is market share calculated?
5. State three advantages of giving products brand names.
6. State two advantages to customers of online retailing.
7. What is meant by a dynamic market?
8. How might the nature of a market change over time?
9. State three reasons why a market might grow.
10. Describe two ways a business might adapt to changes in markets.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-06-19T08:34:14-04:00

Final answer:

Perfectly competitive markets are theoretical and not commonly found in real life due to factors like product differences and entry barriers. Advertising might not have a considerable impact on sales in such markets due to product homogeneity.

Explanation:

Perfectly competitive markets are theoretical and rarely seen in reality due to various reasons such as product differentiation, barriers to entry, and imperfect information. Examples of perfectly competitive markets could include agricultural products like wheat or corn, where many small producers operate.

In a perfectly competitive market, advertising may not significantly impact sales in the short run due to the homogeneous nature of products and the inability to differentiate. Therefore, creating an aggressive advertising campaign might not provide a competitive advantage in such a market.

Learn more about Perfectly competitive markets and advertising here:

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