4-27-09 - Microeconomics Class Notes Monopolistic...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Microeconomics – Class Notes – 4/27/09 Monopolistic Competition Looks the closest to perfect competition Characteristics: Product differentiation – each firm makes a slightly different product Product Differentiation: Ways to separate your product from others 1. Different designs 2. Different formula/taste 3. Market segmentation tweak the product to maximize utility 4. Features 5. Advertisement when we advertise, they products being advertised may be very similar to those in the market a. Purposes of Advertisement: i. Convey (transmit) information – you now know something about the product you didn’t know about previously ii. Build the image of the company (or yourself!) 1. You buy a product to be part of a larger group (that is cool and different) iii. Build brand 1. Building an identity for the consumer if you buy this product, you will be in this group of people.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Product space: what are the different characteristics that the competitors have Break the product space up
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern