What is meant by relevant product market?
A relevant product market comprises all those products and/or services which are regarded as interchangeable or substitutable by the consumer by reason of the products’ characteristics, their prices and their intended use.
What is a relevant market example?
Relevant market is defined by consumer or purchaser preferences and actions. For instance, if purchasers consider two goods to be close substitutes or readily interchangeable, those two goods are considered to be in the same relevant market.
What are the two types of relevant markets?
Therefore, the relevant market has two components: the product market and the geographic market.
How relevant market is determined?
It was also discussed in famous Belaire case. In this way, the relevant market is decided by the location of the product, buyer or seller. The determination of the relevant market is always an issue for the Commission as narrowing the market would exclude some manufacturers and competition.
Why is relevant market important?
The concept of relevant market is important for the purposes of dominant position and concentration analyses, because an extensive or restrictive approach concerning the relevant market would have direct effects on the finding of a dominant position.
What are the duties of CCI?
Functions of CCI Secure the interest of consumers and ensure that their welfare is not compromised. Undertake competition advocacy, create public awareness and impart training on competition issues. Ensure smooth alignment of sectoral regulatory laws and competition laws.
What is a relevant market what difference does it make when determining people’s pay?
What is a relevant market? What difference does it make when determining people’s pay? It’s the job itself (knowledge skills and abilities). It’s the geography if a candidate is willing to commute or work virtually.
Why is the definition of relevant market so important?
Why was CCI formed?
The idea of Competition Commission was conceived and introduced in the form of the Competition Act, 2002 by the Vajpayee government. A need was felt to promote competition and private enterprise especially in the light of 1991 Indian economic liberalisation.
What is the constitution of CCI?
Constitution and Functions of Competition Commission of India (CCI) The Competition Commission of India has been constituted under Section 7 of the Competition Act, 2002 as amended in 2007. The Competition Commission of India consists of a Chairperson and not less than two and not more than six other Members.
What factors determine the relevant market for Survey?
What Factors Determine the Relevant Market for a Survey?
- Classification. One of the most important initial factors in determining the market for a survey is the classification of your market.
- Age.
- Gender.
- Income.
- Geography.
Why is external competitiveness so important?
Businesses in their plan to attain maximum profits from their operations within a given period try to earn consumers’ attention by providing relevant commodities and services in the market that satisfy their needs.