Choose a product that you regularly purchase from a firm operating in an oligopolistic industry, and analyze its market dynamics through your own experiences and observations:
Prompt
Create a thread to answer all the discussion questions below.
Personal Connection: Identify the product and the firm. Why do you regularly purchase this product? Share a specific story or example from your life that highlights your connection to this product or firm.
Oligopolistic Characteristics: Reflect on why the product and firm fit the model of an oligopoly. Consider the number of competitors, barriers to entry, market share concentration, and any real-world observations of the competitive landscape in this industry. Provide examples from your own shopping or consumption habits.
Interdependence and Rivalry: Think about the TV commercials, online ads, or print advertisements you’ve seen for this product or its rivals. What have you noticed about how the firm you selected interacts with its competitors? Reflect on real-life examples of product differentiation, price leadership, or price competition. Share how these marketing efforts influenced your perception of the product or your purchasing decision.
Economic Analysis: Use terms and concepts from Chapter 9 (e.g., interdependence, product differentiation, price leadership, non-price competition) to analyze the industry dynamics. Ground your analysis in your personal experiences and observations of this product and its market.
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