MKT 100 Lecture Notes - Lecture 2: Laundry Detergent, Monopolistic Competition, Oligopoly

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Gennadi Gevorgyan

Document Summary

Ansoff"s matrix - growth strategies: products/services vs. markets. Maintain or increase a company share of the current market with current products i. e. rogers offering a bigger deal on data plans for its customers, thus increasing sales after its promotion period has ended. Purpose is to either create new products to replace existing products or substantially revise current products with new features i. e. tide bringing out various types of laundry detergent, apple releasing new and updated iphones every year. Sell a product that already exists to a market other than current customers i. e. rogers offering a phone and plan specific for seniors. Involves a new product in a completely new market i. e. virgin company expanding from a radio station into a mobile network, airline and so forth. Little purpose to advertise for a basic need i. e. canada post: oligopoly. Some purpose of advertising to inform but avoid price competition i. e. gas and oil companies: monopolistic competition.