(a) Identify two market structures in which product development and product differentiation is an important type of competition for firms operating in those market conditions.
(b) Provide examples of three types of product differentiation that could help make a firm in a particular industry more competitive.© BrainMass Inc. brainmass.com October 17, 2018, 10:05 am ad1c9bdddf
The two market structures that use product development and product differentiation as their competitive edge are Oligopoly and Monopolistic competition.
Oligopoly is a market structure characterized by a small number of large firms that dominate the market, selling either identical or differentiated products, with significant barriers to entry into the industry (AmosWEB, 2012).
Industries which are examples of oligopolies include steel industry, aluminum, film, television, cell phone, and gas (2012).
A monopolistic competitive market has three fundamental characteristics: 1.) Many buyers and sellers, 2.) Sellers offer a differentiated product, each firm may have a tiny 'monopoly' because of the differentiation of their product, 3. Each firm may have a tiny 'monopoly' because of the differentiation of their product, 4. Firm has some control over price (Biz/ed, 2012), and 5.) Sellers can easily enter or exit the market ...
The solution identifies market structures where product development and product differentiation are used as competitive tools. The three types of product differentiation were also discussed. This solution is 388 words with seven references.
20 Marketing Questions
1. Define Marketing
2. What is the difference between Marketing and Sales
3. What are the four Eras of Marketing
4. What is the role of a Marketing Plan
5. What is SWOTT
6. What is a marketing mix
7. Name and define the four Ps of the marketing mix
8. Define Marketing Research
9. Describe the two basic types of marketing research data
10. What is Benchmarking
11. Name four ways to segment a market
12. Define Product
13. Name and describe the four stages of the product life cycle
14. Name and define the four Pricing Strategies
15. What is product differentiation and why is it important
16. What are the 4 Steps to product development
17. What are the two basic types of Distribution Channels and the advantages and disadvantages of each
18. Describe the difference in Push & Pull distribution strategies
19. Define Promotion and name its 3 objectives.
20. Name and describe the 3 basic types of promotion