Why might it be considered more fun and challenging for a marketer to be part of a market characterized by monopolistic competition than be part of one characterized by pure competition?
What will be an ideal response?
In pure competition, all products are similar and price is determined by the marketplace; supply and demand. In monopolistic competition, each firm attempts to differentiate its product or service from the competing firms. This gives the firm some brand loyalty, a less elastic demand curve, and the opportunity to continually create and promote differences in their products.
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Validation means that 10% (the industry standard) of all respondents in a marketing research study are randomly selected, recontacted, and asked if they indeed took part in a research study
Indicate whether the statement is true or false
Sensenig Propeller manufactures replica antique wooden airplane propellers. In the process of production, the company generates a great deal of scrap hardwood. How can using by-product pricing benefit the company?
What will be an ideal response?
As long as all activities in the value chain are working well, managers do not need to be concerned with aligning the activities.
Answer the following statement true (T) or false (F)
Which behavioural approach to leadership argues effective leaders must score highly on both concern for production and concern for people?
a. Contingency b. Ohio State Studies c. Blake and Mouton’s Managerial Grid d. None of the above