Monopoly refers to a situation in which a specific product or service in the market is exclusively produced and offered by a single company or individual. In this scenario, there are no viable alternatives or substitutes for the product or service, making it indispensable.
Furthermore, monopoly can be characterized as a market structure where a sole supplier holds control over the entire supply of a particular good or service. This occurs when there are no close substitutes available, compelling consumers to choose the monopoly provider.
The Sales Glossary is a compendium of all the most commonly used terminology in sales strategy. Many of the concepts listed here are used when implementing a CRM system or a digital sales funnel, no matter if they are legacy systems or an online CRM. See also our blog that deals with sales techniques, marketing and sales culture.