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we discussed why the validity of some conventional measures of competition hinges on many implicit assumptions....

we discussed why the validity of some conventional measures of competition hinges on many implicit assumptions. Carefully describe a scenario in which using the number of existing firms in an industry to measure the intensity of com- petition of that industry would get it all wrong.

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Answer #1

I would like to give an example of hotel industry. Even if there are other firms in the market already. With product differentiation, better service and branding a firm can achieve considerable success.

Similarly, in a telecom market it is seen that there are less number of players in the market. Only by saying that there are 3-4 major players will have less competition and a new firm can easily get a good market is not possible always.

To analyze the competition only on the basis of number of existing firms can lead to wrong conclusion. Market share, monopoly possibilities, brand loyalty and belief in differentiated product/ service is necessary.

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