Topic: Role of Advertising Assume that you are going to start a small business of your...

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Economics

Topic: Role of Advertising
Assume that you are going to start a small business of your own.Further, imagine that you are able to adequately differentiate yourproduct, or service so that you can establish your business as amonopolistically competitive firm.
Describe the business and its likely main competitors.
How would you structure your advertising and customer serviceto differentiate your product/service?
How easy would it be for new competitors to enter your marketand erode your customer base or selling price?
What would be your prognosis for the long term profitability ofsuch a business?
What could you do to protect that long term profit stream?

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3.7 Ratings (527 Votes)

ANSWER Monopolistic serious market is a market which has numerous contenders and each firm in the market rival each other through different methodologies like item separation Let us consider a firm ABC which will build up its business with items like makeup excellence cleansers and so forth The See Answer

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