Although all casual clothing ultimately provides the same purpose, companies such as The Gap strive to make their brand seem unique from the many other brands available on the market. The market for casual clothing can best be characterized as?

Question

Ronin Stokes

Business

18 January, 08:02

Although all casual clothing ultimately provides the same purpose, companies such as The Gap strive to make their brand seem unique from the many other brands available on the market. The market for casual clothing can best be characterized as?

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Answers (1)

Know the Answer?

Kaylie Logan · Answer 1

monopolistic competition.

Explanation:

Monopolistic competition -

It refers to the practice of selling goods or services in the competitive market, where the company offers similar goods and services, but not exact substitutes, is referred to as monopolistic competition.

This type of competition is closely linked to the business strategy of brand differentiation.

There is very less barrier for entry and exit in this type of competition.

Hence, from the given information of the question,

The correct answer is monopolistic competition.