Any market that does not fit the ideal market profile of perfect competition. An imperfect market is characterised by, for instance, barriers to entry, small numbers of buyers and sellers, and non-homogeneity of products. Monopolies and oligopolies are considered examples of imperfect competition. Most markets, which procurement practitioners deal with, have multiple players, each offering slightly differentiated solutions, and no business has total control over the market price. See also Market, Distortion.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and procurement consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
