ADMS 2200 Lecture Notes - Lecture 3: National Energy Board, Gross Domestic Product, Disposable And Discretionary Income

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: 5624

Document Summary

Chapter 3: the marketing environment, ethics, and social responsibility. Monopoly: market structure in which single seller dominates trade in a good or service for which buyers can find no close substitutes. Oligopoly: few # of sellers in an industry with high start up costs or other barriers that keep out new competitors. Burgers, pizza, tacos, and wings: competition among all firms that compete for consumer purchases. All firms compete for a limited # of dollars consumers can or will spend. Developing a competitive strategy: competitive strategy: methods through which a firms deals with its competitive environment. The decision on whether or not to (cid:272)o(cid:373)pete is (cid:271)ased o(cid:374) fir(cid:373)"s resources, objectives, and expected profit potential. The decision on what markets to compete in is based on how the firms allocate their limited resources of greatest opportunity. The decision on how to compete relies on product, promotion, distribution, and pricing and whether or not it would maximize competitive advantage.