Cheap Custom Essay:What were the key forces shaping the nature of competition and the opportunities for profit in this industry?
Considering the particular firm/industry you work for now or you may use one from the past if it lends itself to this question better. Answer the following questions.
Please include all questions in your answer.
What were the key forces shaping the nature of competition and the opportunities for profit in this industry?
Was the product homogenous or heterogeneous?
Note some of the substitute products for the product being produced.
Was geography a factor in the determination of this market (did it provide a monopoly power due to geography)?
Were there many competitors or was this industry dominated by a small number of large firms?
Was the demand for the product elastic or inelastic?
What type of control did your firm exert over prices?
Was this industry-government regulated? Or did regulatory policies affect your pricing and output decisions?
