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Elasticity of demand 2.5 - Coggle Diagram
Elasticity of demand 2.5
Industrial organization approach (IO)
External perspective on strategy
Explains the structure of markets
Structure-Conduct-Performace (SCP)
Structure drives conduct which determines performance
Examine industry structure
Performance influenced by environment
Types of industries
Hypercompetition
Competitive advantage change quickly
Monopoly
No direct competitors
Retain full conootrol and protect position
Homogeneus or pure market
A lot of information available
Easy to enter successfully
Oligopoly
Limited number of players
Price mechanism
Surplus: price falls
Equilibrium price
Shortage: price rises