Management and Organizational Studies 1021A/B Chapter Notes - Chapter 8: Monopolistic Competition, Oligopoly, Marketing Mix

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Livia Veselka

Document Summary

The environment in which marketing operates is constantly changing. Problems, opportunities, successes and failures are largely dependent on an organizations ability to adapt to changing conditions = business must anticipate change and how it will affect its operations. External forces; competitive, regulatory, economic, social, environmental & demographic and technological. Competitors are constantly striving to find new and better ways of appealing to similar target markets, the competitive market in which market operates must be defined and analyzed. Four different types of market structure: monopoly, oligopoly, monopolistic competition, pure competition. Monopoly : a market in which there is a single seller of a particular good or service for which there no close substitutes. Oligopoly : a market situation in which a few large firms control the market. Monopolistic competition : a market in which there are many competition, each offering a unique marketing mix based on price and other variables.