Pure competition

Pure competition

A marketing situation in which there are a large number of sellers of a product which cannot be differentiated and, thus, no one firm has a significant influence on price, other prevailing conditions are ease of entry of new firms into the market and perfect market information, also referred to as perfect competition and atomistic competition, see monopolistic competition.

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Part of Speech: noun
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Industry/Domain: Professional careers
Category: Sales
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Related terms

pure competition

Professional careers; Sales

A marketing situation in which there are a large number of sellers of a product which cannot be differentiated and, thus, no one firm has a significant influence on price, other ...

competition

Biology; Neuroscience

The struggle among nerve cells, or nerve cell processes, for limited resources essential to survival or growth.

competition

Natural environment; Coral reefs

A biological interaction that can limit population growth. Competition occurs when two or more populations vie for the same limited resource.

competition

Architecture; Architecture contemporaine

A contest for some prize, honor, or advantage. In the building industry an architecture competition is a contest between architects to obtain a prize for the conceptual work or an ...

competition

Economy; Economics

The more competition there is, the more likely are firms to be efficient and prices to be low. Economists have identified several different sorts of competition. Perfect ...

competition

Biology; Cell biology

One of the biological interactions that can limit population growth; occurs when two species vie with each other for the same resource.

features and benefits selling

Professional careers; Sales

Selling style in which a salesperson systematically relates each feature of a product being presented to a particular benefit which the feature will deliver to the buyer.

absolute cost advantage

Professional careers; Sales

The cost advantage one company has over another by having a cheaper source of raw materials, control of superior knowledge through patents, cheaper manufacturing or assembly ...

simulated store test

Professional careers; Sales

A form of pre-testing of new product introductions prior to full-scale commercialisation, to study their behaviour towards the new products, consumers selected from the target ...

stratified sample

Professional careers; Sales

A form of probability sample where respondents are chosen from a random sample of homogeneous sub-groups (according to a common characteristic) into which the total population has ...

unique selling point

Professional careers; Sales

The particular quality, feature or benefit of a product which a competitor's product, although similar, cannot or does not offer.

lead

Professional careers; Sales

A person or organization that has shown an interest in a particular product or service, can also be used to describe a person or organization that sales or marketing staff feel ...

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