"We don’t have a monopoly. We have market share. There’s a difference"
Simplified meaning
Sometimes people think that having a "monopoly" is the same as having "market share," but they are not the same thing. A monopoly means one company completely controls a product or service, with no competition. This company can set prices high because there’s no one else to buy from. But having market share just means a company has a big part of the business in a certain market, not the whole thing. Other companies still compete and offer choices to consumers.
Imagine a town with only one bakery. Everyone has to buy bread from this bakery. That’s a monopoly. Now, imagine there are three bakeries, and one of them sells more bread than the other two. This bakery has a big market share, but not a monopoly. There are still other places to buy bread. The difference is important because competition usually keeps prices fair and quality high. In life, aiming to do well and have a big part of your market is good, but having no competition can be bad for consumers.
Related tags
Business Business differentiation Competition Corporate strategy Economics Market dynamics Monopoly
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