Question: respond and assess this post from a peer perspective: I am interested in the accounting industry, which includes services like auditing, tax preparation, bookkeeping, and
respond and assess this post from a peer perspective: I am interested in the accounting industry, which includes services like auditing, tax preparation, bookkeeping, and financial advice. The main products include financial reports, tax filings, and consulting services. There are many firms in this field, from small local businesses to big businesses. Larger firms have the advantage because of their resources and strong reputations, while smaller firms often compete by offering more personal services and lower prices. There are also a lot of hurdles to get into the industry, such as needing professional certifications, education, and following strict regulations. While the industry is competitive, the larger firms tend to lead the market due to their established names and wide range of services. Therefore, the accounting industry fits well into the oligopoly market structure due to the dominance of a few large firms, high entry barriers, and competitive strategies focused on service differentiation
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