The wheel of retailing describes how retail outlets change overtime. Outlets start with: Low prices, Low margins, Low status as time passes outlets add services Outlets now has: higher prices, higher margins, and higher status Outlets now has: still higher prices, still higher margins, still higher status as more time passes, outlet adds more services New form of outlet enters retailing environment with characteristics of outlet box 1. Monopoly: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute Monopolistic comp: Characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in the industry are low, and the decisions of any one firm do not directly affect those of its competitors. Oligopoly: a state of limited competition, in which a market is shared by a small number of pro Pure comp:is a term that describes a market that has a broad range of competitors who are selling the same products. It is often referred to as perfect competition Recommended textbook solutions
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