In which type of industry would a marketing director be MOST LIKELY to say,"We have to let the customer know that our product is the only one that comes with its own tracking device?"
A)pure monopoly
B)oligopoly
C)pure competition
D)monopolistic oligopoly
E)monopolistic competition

Question

Quizplus · Accepted Answer

Monopolistic competition is a market structure where there are many firms offering differentiated products that are close substitutes. In such a scenario, a marketing director would focus on promoting the unique features of their product, such as the tracking device, to differentiate it from competitors' offerings and attract customers. In a pure monopoly, there is no competition to differentiate from, while in an oligopoly or monopolistic oligopoly, the focus may be more on price competition and collusion with other firms. In pure competition, there are no differentiated products to promote.

In Which Type of Industry Would a Marketing Director Be