A New Methodology for Measuring Market Potential and for Determining the Validity of Existing Market Segments Page: 32
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3 2
which differ somewhat in real qualities or which the buyer
thinks differ in real qualities.
Greenhut Model
Both the competitive and imperfect competitive models
fall short of accurately describing the economic conditions
existing in the United States today. In 1963, Melvin
Greenhut developed an economic model of the .American economy
which introduces time arid space variables which are both
absent in the competitive and imperfectly competitive models.
The basic assumptions of the model are as follows:
1. A modified profit motive
2. Consumer sovereignty
3. Geographic distribution of buyer, sellers,
and markets
4. Natural indivisibilities and uncertainties
in markets
5. Economies of scale
6. Fewness of firms
7. Intra and interindustry competition
8. Reasonable freedom of entry.^
It appears that this economic model comes closest to
describing the economic conditions in the United States today.
'William Ross made the following comment about the Greenhut
model:
This new model acknowledges the existence of
types of market situations, many of which are
characterized by limited numbers of buyers and
sellers. By acknowledging the existence of a
variety of types of natural indivisibilities
. . . and uncertainties ... in markets,
Greenhut not only allows for differentials in
William I). Ross, Business in a Free Society (Columbus,
1966), p. 136.
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Anderson, Robert Lee, 1940-. A New Methodology for Measuring Market Potential and for Determining the Validity of Existing Market Segments, dissertation, August 1971; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc164459/m1/43/: accessed July 16, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .