Consider the local music scene in your area. Name some of the local live bands that play in clubs and music halls, both on and off-campus. Look in your local newspaper for advertisements for upcoming shows or performances. How would you characterize the market for local musicians? Is there product differentiation? In what specific ways do firms (individual performers or bands) compete? To what degree are they able to exercise market power? Are there barriers to entry? How profitable do you think the musicians are?

Consider the local music scene in your area. Name some of the local live bands that play in clubs and music halls, both on and off-campus. Look in your local newspaper for advertisements for upcoming shows or performances. How would you characterize the market for local musicians? Is there product differentiation? In what specific ways do firms (individual performers or bands) compete? To what degree are they able to exercise market power? Are there barriers to entry? How profitable do you think the musicians are?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter9: Competition And Monopolies

Section: Chapter Questions

Problem 7AA

See similar textbooks

Similar questions

How are companies able to use the differences in culture to effectively market a product or service to specific groups of people ?
Choose a product or service that you are familiar with (something you use or have used, something related to a job you or someone close to you has held, etc.). Are there a lot or few firms in the industry? Are the products similar or identical or without close substitutes? Are there barriers to entry and, if so, what are they?
It refers to the factor or consideration exhibited by a company, service, product or brand as the reason that one product or service is different from and better than the others and that enables it to stand out from competitors.
From a marketing strategy and customer intimacy perspective, to what extent do you believe companies ‘know the business they are in?
How many real industries can you name that are oligopolies? How many operate under monopolistic competition? Perfect competition? Which of these is most difficult to find in reality? Why do you think this is so?
Identify two products that have either (a) fallen sharply in price or (b) gotten significantly better without price increases. How did these changes come about? Describe how society benefits from this type of market competition.
Branding involves creating and communicating a unique image and theme for a product in the consumers' mind. Does successful branding increase Market Power? how and why?
policies government can have in place to increase perfect competition in the market
Study the evolution of any brand/company of your choice regarding its target market. In addition, also discuss how the brand/company differentiate and position its products/services to get the maximum competitive advantage
Who are our competitors? What are their marketing strategies?
Imagine that you own your business. You are producing a product (it could be a service). You would like to differentiate your product. a) Why would you want to differentiate your product? b) How would you do it? How would your product differ? Please provide a specific product: a detailed explanation of your original product and how you would differentiate it.
Which type of competition is characterized by a large number of firms, heterogeneous products and low cost of entry and exit?