According to Professor Porter, a business must differentiate itself from its competitors. One method is to encourage customers to believe that an organization provides
higher quality goods or better service, then the organization can charge a premium, or gain market share, or (ideally) both. For example, by placing a swoop icon on a
sweatshirt, Nike is able to charge a higher price. This methodology is called
Multiple Choice
a monopoly.
monopolistic competition.
pure competition.
oligarchy competition.