1. After reviewing the Readings, select a company that currently operates domestically in the United States or your home country.
2. Consider the marketing strategies the company you selected can employ to grow its market share in the United States. Then, consider whether the company should use the same marketing strategy or a different one to gain market share in an international market.
Post by Day 3 the following:
3. A brief description of the company you selected, including its products or services and the market or markets it serves.
4. Describe two marketing strategies that firms can select for growing their market share domestically.
5. Explain which of the two marketing strategies you selected should be adopted by your chosen company to continue its growth in its current domestic market and explain why this strategy would be effective.
6. Explain whether the company should use this same marketing strategy to grow internationally or into other markets or regions or whether it needs to employ a different one.
7. Give an example of how the marketing strategy (or strategies) you have selected would apply in the domestic and international context. Provide a rationale to support your conclusions.
1. After reviewing the Readings, select a company that currently operates domestically in the United States or your home country.
2. Consider the marketing strategies the company you selected can employ to grow its market share in the United States. Then, consider whether the company should use the same marketing strategy or a different one to gain market share in an international market.
Post by Day 3 the following:
3. A brief description of the company you selected, including its products or services and the market or markets it serves.
4. Describe two marketing strategies that firms can select for growing their market share domestically.
5. Explain which of the two marketing strategies you selected should be adopted by your chosen company to continue its growth in its current domestic market and explain why this strategy would be effective.
6. Explain whether the company should use this same marketing strategy to grow internationally or into other markets or regions or whether it needs to employ a different one.
7. Give an example of how the marketing strategy (or strategies) you have selected would apply in the domestic and international context. Provide a rationale to support your conclusions.
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1. Characteristics of competitive markets
The model of competitive markets relies on these three core assumptions:
1. | There must be many buyers and sellers a few players can't dominate the market. |
2. | Firms must produce an identical product buyer must regard all sellers' products as equivalent. |
3. | Firms and resources must be fully mobile, allowing for free entry into and exit from the industry. |
The first two conditions imply that all consumers and firms are price takers. While the third is not necessary for price-taking behaviour, assume for this problem that a market cannot maintain competition in the long run without free entry.
Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not.
Is the scenario | Competitive? |
---|---|
Dozens of companies produce plain white socks. Consumers regard plain white socks as identical and don't care who manufactures their socks. | |
In a major metropolitan area, one chain of coffee shops has gained a large market share because customers feel its coffee tastes better than that of its competitors. | |
Scholastik Inc. owns the U.S. copyright to a popular book series. It is the only company with the legal right to publish books in the series in the United States. | |
In a small town, there are two providers of broadband Internet access: a cable company and the phone company. The Internet access offered by both providers is of the same speed. |