Question

The competitive actions and responses in __________ markets are designed to seek large market shares, to gain customer loyalty through brand names, and to carefully control the firm's operations in order to consistently provide the same positive experience for customers.

Answer 1

Standard-cycle markets

Step-by-step explanation:

Standard-cycle market is a type of market whereby companies, in a bid to stand out among its competitors and ensure they command a large market share, create a niche for themselves. By so doing, they design brand names that give them a competitive advantage over their competitors, making it difficult for their competitors to imitate their design.

A standard-cycle market is most operative when there are many competitors serving a large target market.

Competitive actions and responses are in a standard-cycle market are focused on secure large market shares among several competitors, while relying majorly on competitive advantage over the other competitors, in order to remain competitive.