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INDUSTRY ANALYSIS, FACTORS, COMPETITORS, EXTERNAL ANALYSIS, with a PETSEL…
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FACTORS
MARKET
A market is defined as the group of consumers that is interested in the product, has the resources to purchase the prodict, and is permitted by law to acquire the product.
MARKET STRUCTURE
Monopolistic Competition
Similar goods but slightly different, degree of power in the price, consumers prefreces varies, free entry and exit to the market
Oligopoly
small number of firms (3/5), limited competition, products are homogenous or differentiated, able to set prices, barriesr of entry and exit
Perfect Competition
Lots of competitors, homogeneous goods, no influence on market price, freee entry and exit of the market
Monopoly
single firm control the market, high power in the market, consumers have no alternatives, firms set the price, are barriers ob entry and exit, often regulted by the government
SUPPLIERS
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Destinations also have suppliers: hotels, airlines, restaurants, retail, entertainment
INTERMEDIARIES
Help promote, sell and distribute goods & services to final buyers
Trendy now: disintermediation process (elimination of intermediaries for direct sales on company webpage)
COMPETITORS
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Learning to identify them is essential to businesses in order to STAY COMPETITIVE so that you know what they are offering and yout chances
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with a PETSEL ANALYSIS
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Political, Economic, Social & cultural, Technological, Environmental, Legal