Econ dis
1, Write the main discussion answer following question at least 300 words.
2, choose two of my classmates’ discussion which I list below and reply them at least 100 words
Please read the following: https://www.entrepreneur.com/article/247883 (Links to an external site.)Links to an external site.
https://www.entrepreneur.com/article/247883
1) What is a monopolistic competitive market?
2) How has branding been essential in this industry?
3) What happens if a company is unable to market and advertise?
4) Can you name an example of a company that no longer exists due to its competitors?
Monday11月 27 at 3:02下午
1) What is a monopolistic competitive market?
A) Monopolistic competition market is characterized by free entry, many different firms, and most important is product differential. So, a good example is a food court at a mall, where there are many different fast food stores that all sell food, but their products taste can be quite different from each other even if they are selling the same food such as a hamburger. This product differential is essential as separate one company from another. Product differential allows the market to have some market power and create brand loyalty make their customer demand inelastic and allow to charge higher price that a competitive market.
2) How has branding been essential in this industry?
A) The company ability to brand it product is essential to emphasize their product differential. There are so many products on the market and without branding how is any customer going to realize that your product is the best for them. This requires much advertising as well as packaging your product in a way that let customer know it fits their desire and needs. It may not even be that much better than other products but if it sounds better or can do something that an competitive product can’t do it make a more like to be bought by a customer
3) What happens if a company is unable to market and advertise
A) Not being able to advertise usually cause the demand to decrease as other company will be advertising. Even though the advertising raises cost to company and doesn’t shift demand to the right since everyone advertises it allows your customer to be more likely to remain your customers. It mainly used to keep at a stand still and not let the competition steal your profit.
4) Can you name an example of a company that no longer exists due to its competitors?
A) Blockbuster is a company that no longer exist. Netflix, Hulu and even possible Amazon hurt them mightily with the advent of the new technology that allowed movies to be seen from video streaming. However, Blockbuster management was unable to meet the needs of its customer and didn’t take the proper actions to change with the technology. Something the article about Nike points out. A company can’t get relaxed and must constantly seek way to adjust to the customer needs.
Monday11月 27 at 6:48下午
1) What is a monopolistic competitive market?
A monopolistic competitive market is where many firms offer similar products or services, but they are not perfect substitutes. It is characterized by free entry and exit, and it doesn’t affect the other competitors. Monopolistic competitive market is like a monopoly and a perfect competition combined together.
2) How has branding been essential in this industry?
Branding has been very essential in this industry due to conveying the customers on quality and which product or service is best. Branding for any company or firm is essential because it sets a standard that can fulfill consumer’s desires to purchase that certain company’s products. It is the key component to captivate consumers into purchasing their products over the competitions. Branding lets the consumers know who you are and what you represent and for whom your products represent.
3) What happens if a company is unable to market and advertise?
If a company is unable to market and advertise they are not making profit. Not advertising and marketing affects a company by putting a barrier between them and the consumer. It closes the opening of being able to reach out to a large number of customers.
4) Can you name an example of a company that no longer exists due to its competitors?
Circuit City is a company that no longer exists due to its competitors. Best Buy emerged as its competitor when circuit city stopped selling appliances. Circuit City was badly impacted when they decided to stop selling certain items that made them popular and their competition saw that and boomed. Another company that no longer exists due to its competitors is Sports Authority. Sports Authority couldn’t keep up with the competitions online stores and other sports retailers. Not being able to keep up with market preferences and keeping up with technology can be the brink of any company because it simply cannot keep up, just like these companies.
Tuesday11月 28 at 9:36上午
1) What is a monopolistic competitive market?
Monopolistic competition is a market characterized by free entry and many firms selling differentiated products. Monopolistic competition falls between competitive markets and monopoly.
2) How has branding been essential in this industry?
Branding encourages brand loyalty, which makes it harder for other business to successfully enter the market. It conveys information about the prove of the goods offered for sale, the location of products, and new products. When it comes to branding, there’s no easy recipe for success. Branding is an imperfect science that boils down to constant change -- based on where you are, where you want to be and, most importantly, what the market is doing.
3) What happens if a company is unable to market and advertise?
Advertising does cost money, but that does not mean it is harmful. Firms willingly spend on advertising because it can increase, demand, build brand loyalty, and provide consumers with useful information about differences in products. Monopolistic competitors advertise and mark up their products like monopolists, but, like firms in competitive market, they can not earn long-run profits.
4) Can you name an example of a company that no longer exists due to its competitors?
Circuit City, a multinational consumer electronics retail company that operated stores across the United States. Not only do we have Best Buy and Fry's Electronics, but now Target, Walmart, and Costco sell big electronics too.
Tuesday11月 28 at 1:27下午
1) What is a monopolistic competitive market? Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.
2) How has branding been essential in this industry? Branding provides a competitive advantage. Brands provide a stable asset. Brands provide economic value. Brands set expectations
3) What happens if a company is unable to market and advertise? The lack of advertising often affects popularity as a result of less demand, because other companies do advertising. Although advertising has brought costs to the company. But advertising is a very important way of publicity. If you do not do market advertising, there will be a lack of opportunities to contact with customers.
4) Can you name an example of a company that no longer exists due to its competitors? The circuit city, founded in 1949, was the second largest retailer of best buy in electronics retailer. However, when the world has increased spending on electronic products, the company is facing financial difficulties. The circuit city was bankrupt in 2008. The company is now famous for its stores. The storefront is unique, and many of them are converted into restaurants.
Tuesday11月 28 at 3:38下午
1) What is a monopolistic competitive market?
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another. 2)How has branding been essential in this industry?
The same brand name and reputation. A good brand is based on many years of customer evaluation of his accumulated. Good brand quality and service are impeccable, while the products they produce will be optimized as technology advances. In this way, people will choose this brand of products because he has a good reputation in this industry.
3) What happens if a company is unable to market and advertise?
A company can not promote, then his popularity will decline. People will reduce the purchase of this brand because they know the way fewer brands. However, if the company makes people buy with a good reputation, the company will succeed too. But he can be more time-consuming and financially tedious than the company that owns the promotion.
4) Can you name an example of a company that no longer exists due to its competitors?
Motorola. This is a previously well-known mobile phone brand, but with the advent of Samsung and Apple, the brand gradually fade out of sight.