MKT 100 Study Guide - Midterm Guide: Herfindahl Index, Contribution Margin, Monopolistic Competition

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Caitlin Mc Laughlin

Document Summary

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. Variation in supply is constantly changing along with variation in demand and therefore supplier"s products and processes are always being changed by changes in demand. Product innovation life cycle introduction market fermenting, growth market making, maturity market equilibrium. Economies are made up of chains of manufacturers that each add value. It is called an added value supply chain. Pest stands for political, economical, social and technological. Percentage change = (new amount old amount) *100% Relative market share= brands market share largest competitor market share. Revenue market share (%) = sales revenue. Pure monopoly one seller who sets the price for a unique product. Three firm concentration ratio = highest 3 revenues (addition) Herfindahl index = (each market share unit ^2) add all of them.