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Questions for Initial Response
Unlike in a perfectly competitive market, monopol
Questions for Initial Response
Unlike in a perfectly competitive market, monopolistically competitive firms have variations in their products and services that affect consumer choices. In your reading in chapter 12 refer to the section titled Differentiated Products and review what is stated about product attributes, service, location, and brand names and packaging. Due to this product differentiation, some companies have achieved a level of status that allows them to sell their products or services at premium prices. These companies have established brand power. In some cases, the products or services are of equal or lesser quality than their competitors, yet they continue to reap the benefits of having a loyal customer base and an established positive image. In some cases, a brand monopoly dominates a market to the point that its very name is used when referencing a product or service. For example, even when they are not referring to any particular brand, people often use the term Kleenex when referring to a tissue.
For this discussion, identify a monopolistically competitive company and answer the following questions.
What product or service does this company produce?
Based on your experience and/or research about this company, what differentiates this product or service from other producers in its industry?
What trademark or copyright protections, if any, does this company have to protect it?
Why do you believe this company experiences brand loyalty?
Who do you believe is in this company’s target market? Why?
What can this company’s competitors do to increase their own market share in this industry?
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