Competition& market(marketing mix)

• What are the four P's of the marketing mix?

  Price, Promotion, Product, Place
• How does limited competition affect pricing for a monopoly?

  Monopolies can increase prices due to lack of alternatives
• What happens to promotion when there is limited competition?

  Less need for expensive advertising due to high awareness
• What is the impact of limited competition on product innovation?

  Limited incentive to invest in research and development
• How does limited competition affect distribution channels?

  Distribution is tailored to the business model, not consumers
• How does increased competition affect pricing strategy?

  Businesses become price takers rather than price makers
• What is the promotional strategy in a competitive market?

  Need for promotion to differentiate from rivals
• What is the role of unique selling points in a competitive market?

  To differentiate from competitors and attract customers
• How does increased competition influence customer service focus?

  Greater focus on customer service to retain customers
• How do distribution channels change with increased competition?

  Distribution is tailored to consumer needs
• What are the impacts of limited competition on the marketing mix?

  • Price: Ability to increase prices
  • Promotion: Less need for expensive advertising
  • Product: Limited incentive for innovation
  • Place: Distribution suits business model
• What are the impacts of increased competition on the marketing mix?

  • Price: Becomes price taker
  • Promotion: Increased need for differentiation
  • Product: Incentive for unique selling points
  • Place: Distribution tailored to consumer needs