KNOW YOUR MARKETS


Before attempting to create a market for your product, you should be well-versed in the different types of market systems, and how to approach them effectively.



It is important for small business owners to understand what type of market system they are operating in when making pricing and production decisions, or when determining whether to enter or leave a particular industry. Here are a few of the major market types you may encounter in your business:

Perfect Competition - a market system characterized by having many different buyers and sellers.

Monopoly - a market system where there is only one producer of a particular product or service, with generally no reasonable substitute available.

Monopolistic Competition – a market system that combines elements of a Monopoly as well as Perfect Competition. The difference is that each competitor is sufficiently differentiated from the others that some are able to charge greater prices than compared to a Perfect Competition system.

Creator Academy can help provide the necessary foundational knowledge in market economics to effectively promote your product or service. We can give you the right tools to create a successful launch-pad for your offerings, and empower you to navigate whichever market system is best suited to your needs or business goals.


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