MKT 100 Lecture Notes - Monopolistic Competition, Oligopoly, Walmart

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Anthony Francescucci

Document Summary

Monopoly: control over everything, how much products available for sale. Oligopoly: few suppliers because it typically requires investment. Monopolistic competition: lots of suppliers, their products are differentiated. Perfect competition: lots of suppliers, the products are undifferentiated = consumers cannot tell the difference; treated as commodities. Market share: is a part owned by one company/particular industry. Less concentrated & more competitors: easier to establish yourself in those markets. Higher share of mind will ultimately lead to share of market; the more customers that think about that product, the more likely they will purchase the product. Share of voice is a very simple calculation; how much i spend on advertising in comparison to everyone in the industry. If your numbers are going to down and everyone else"s is going up, it means they are becoming more innovative. Purchasing processes: example wal-mart: good at sourcing supplies = selling lower cost goods.