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Question & Answers

Final Exam Questions

Questions:

Explain the nature of creativity and the features that supports the concept.
What are the steps involved in the creative process model and provide an example.
Explain what is Innovation. Discuss the three sources of innovation within companies and two sources of innovation in the social environment.
Explain what is the role of marketing in the concept of Enterprise Innovation and Markets.
Within the 7 elements of the marketing mix, the product has a major role to play. Explain the meaning of a product and provide a detailed explanation about the different levels of the Total Product Concept, you may choose to describe this using a product example.
In a monopolistic competition what will happen to the profits of a company, describe this concept in the long-run and its implications on the firm and how they deal with this
What is market structure and the it’s four types.
What are the characteristics of entrepreneurs, and how the entrepreneurial opportunities are formed.

Expert's Answer

Q7. What is market structure and it’s four types.

Market structure essentially refers to the nature and degree of competition that pertains within a particular market of goods and services. The extent of competition in a market will also be determined by the number of buyers and sellers in the market, degree of homogeneity, barriers to entry and the degree of knowledge possessed by the buyers and sellers in that market. There are four types of market structures