MKT 100 Lecture Notes - Monopolistic Competition, Mergers And Acquisitions, John Maynard Keynes

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Brynn Winegard

Document Summary

Market oriented: gathers good market intelligence, analyzes it, disseminates it, learns from it, and responds to the intelligence. No competition: occurs when there is a single supplier. Oligopolistic competition: market dominated by a few large suppliers. Monopolistic competition: has many suppliers offering a variety of products, each of which has a small, loyal market share. Perfect competition: is when a many suppliers sell essentially the same product. Competitive audit: reports on current success stories, mistakes, competitive advantages and disadvantages of a competitor. Researching channels: analyze the channels and trading relationships. Customer focus: fitting technological product features and distribution technology to consumer preferences. Satisficing decisions: avoids making big mistakes based on what they know. Economics defines four different supply environments: no competition: Regional electrical utility that has control over price, quality and quantity supplied. Monopoly is government regulated and regulators often undertake financial audits and customer satisfaction surveys to check on whether the monopoly is making excessive profits & satisfying customers.