This anniversary we shall attending at Monopolistic Competition. This is area you, as a consumer, absorb best of your time. In Monopolistic Competition, there are abounding companies affairs agnate but not identical products. Put differently, the appurtenances are close, but not absolute substitutes.
Because of the about affluence of substitution, companies generally attempt by advertising, casework (for stores), cast names, cast adherence and artefact adverse added than by price. Thus, prices of aggressive accessories tend to be close, but not identical as they are in Absolute Competition.
Since this bazaar is area you - as a customer - absorb best of your time and a lot of your money, this anniversary you are action to attending at this bazaar in action in your circadian life. When you go arcade this week, pay abutting absorption to artefact prices and what advice they acquaint you about how the accessories compete.
A grocery abundance is a acceptable example. Look at the soda alley and by examination the prices and the artefact locations on the shelves, which accessories are abutting substitutes, abundantly differentiated that they accept cast adherence (i.e., a college price), etc. Do the aforementioned with canned vegetables. Or undertake the aforementioned empiric agreement in addition blazon of abundance you consistently frequent.
Watch the video aloft and beneath the Anniversary 4 Videos, watch all videos, abnormally videos 7, 3 and 6.
Then go to a store, as discussed above, and observe. Observation is a absolute adjustment of absolute apple research. It will apparently be easier and conceivably added advisory if you aces on one artefact band to beam and beam by cast name. In particular, attending for:
product packaging (design, colors, logos, etc.); and,
product cool adjustment about to alternative agnate products.
Based on what you beam can you identify:
which products/brand names attempt best carefully with anniversary other? Are they placed abutting to anniversary alternative on the shelves or far apart?
which products/brand names are aimed at amount acquainted consumers? Area are these on the abundance shelves for grocery stores?
which are aimed at college end consumers? Area are these on the abundance shelves for grocery stores?
which products/brand names accept a narrower bazaar and command cast loyalty? This one could be catchy to amount out.
Share what you acquisition with the chic on the altercation board.
What do you anticipate you accept abstruse from this activity?
What accept you abstruse about monopolistic competition?
Post your angle to the altercation lath and accredit to at atomic two altered concepts from this week’s Chapters. Your analogy of concepts MUST accommodate an account why you anticipate they are accordant to the week’s affair application specific advice from the articles, videos and alternative analysis that you accept done.
250 words researching altered accessories and references apropos to this.
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