Explain what is in the given statement. Provide examples and alternative solutions. Pure competition and oligopoly when there is little or no differentiationMost product-markets head toward pure competition--or oligopoly-over the long run. Inthese situations, competitors offer very similar marketing mixes, and customers see thealternatives as close substitutes. In other words, competitors have failed to differentiate theirofferings. In this situation, managers usually compete on low prices, and profit margins shrink. Inoligopoly there are a few large firms competing, whereas in pure competition there are often manyfirms.Avoiding these competitive situations is sensible and fits with our emphasis on finding acompetitive advantage. Marketing managers can't just adopt the same "good" marketing strategybeing used by other firms. That leads to head-on competition and a downward spiral in prices andprofits. So, target marketers try to offer a marketing mix better suited to target customers' needsthan competitors' offerings.

Perfect competition refers to a type of competition in which there are large number of sellers and…

e competition and oligopoly when there is little or no differentiation Most product-markets head toward pure competition-or oligopoly-over the long run. In se situations, competitors offer very similar marketing mixes, and customers see the rnatives as close substitutes. In other words, competitors have failed to differentiate their rings. In this situation, managers usually compete on low prices, and profit margins shrink. In opoly there are a few large firms competing, whereas in pure competition there are often many IS.

e competition and oligopoly when there is little or no differentiation Most product-markets head toward pure competition-or oligopoly-over the long run. In se situations, competitors offer very similar marketing mixes, and customers see the rnatives as close substitutes. In other words, competitors have failed to differentiate their rings. In this situation, managers usually compete on low prices, and profit margins shrink. In opoly there are a few large firms competing, whereas in pure competition there are often many IS.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Choose one of the seven principles of economics that apply to microeconomics. Choose a specific…

A: The seven principles of economics are Scarcity forces tradeoffs Thinking at margin Cost vs benefits…

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

Q: Describe how specific types of task-oriented behaviors and relationship-oriented behaviors can be…

A: Consider taking on more leadership roles as your career progresses. Regardless of your position, you…

Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

Q: Write a positive statement and a normative statement about your favorite hobby.

A: Positive statements are those statements in which we can answer with 'yes' or 'no' replies, whereas,…

Q: What is opportunity cost and what is its significance. In my homework .

A: Opportunity cost refers to the usual cost next best foregone. It is the cost of something that has…

Q: Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20…

A: Given; Total amount of money he had= $30 Movie cost for both he and his friend= $20 Price of shirt=…

Q: Identify a recent purchase that you made, recently, and determine how scarcity influenced your…

A: Scarcity refers to the finite existence of a resource, or commodity. Humans need a number of goods…

Q: An important trade-off you’re recently faced Describe an incentive your parents offered to you in an…

A: Economics is all about tradeoffs. A tradeoff is loosely defined as any situation where making one…

Q: Interest rates rise on your savings account at your bank, and you decide to save 5% more from your…

A: Economic principles are fundamental concepts or guidelines that help describe and understand how…

Q: How does inherent value differ from instrumental value?

A: Inherent value and instrumental values are a part of the the environmental economics. They are used…

Q: Explain what you have learned (Scams) and how this topic will help you in the future in a…

A: Learning about scams in a microeconomics class has given me useful insights into the shadier sides…

Question

Explain what is in the given statement. Provide examples and alternative solutions.

Pure competition and oligopoly when there is little or no differentiation
Most product-markets head toward pure competition--or oligopoly-over the long run. In
these situations, competitors offer very similar marketing mixes, and customers see the
alternatives as close substitutes. In other words, competitors have failed to differentiate their
offerings. In this situation, managers usually compete on low prices, and profit margins shrink. In
oligopoly there are a few large firms competing, whereas in pure competition there are often many
firms.
Avoiding these competitive situations is sensible and fits with our emphasis on finding a
competitive advantage. Marketing managers can't just adopt the same "good" marketing strategy
being used by other firms. That leads to head-on competition and a downward spiral in prices and
profits. So, target marketers try to offer a marketing mix better suited to target customers' needs
than competitors' offerings.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

The illusion of pattern shapes our everyday lives. How does this illusion emerge (refer to law of small numbers & impossibility of causal explanations) and how does it affect decision-making?
Making a choice at the margin means? Deciding to do a little bit more or a little bit less of an activity. Spending your available grocery budget on the most essential items. Waiting until the last minute to decide what to do. Making a choice by comparing the total benefit and the total cost of an action.
2. Inflation can cause increased wealth inequality through the Cantillion Effect. Es-sentially, this means that expansionary monetary policy benefits those who are initially given new money (usually those who are rich and well-connected), while the rest of the population suffers the effects of inflation. Using the quantity theory of money, explain why this is the case.
Economics promotes which of the following as the way to make the best decision? Continue an enjoyable activity until you are tired of doing it. Continue an enjoyable activity up to the point where its marginal benefit equals its marginal cost. Continue an enjoyable activity as long as you do not have to pay for it. Continue an enjoyable activity until you cannot afford to pursue it.
how buyers and sellers determine prices that are mutually beneficial?
What examples do you have of goods or services that are both consumer goods and resources depending upon the context in which those goods are used?
What can microeconomics help in individual daily life?
Why is it important to perform a cost-benefit analysis when making a decision? A-It helps you to make rational choices. B-To make sure that the cost is greater than the benefit of a decision. C-It is required by the government in making economic decisions. D-It allows you to see the price of certain goods and services.