C1O Markets

Question 1

Characteristics of perfect competition

Answer 1

Price takers
Homogeneous products
Full market info
No entry/exit barriers
Lots of small businesses 
Equal tech access

Question 2

Characteristics of a monopoly

Answer 2

High entry barriers
Price makers
25%> share

Question 3

Benefits of being a monopoly

Answer 3

Eos

Question 4

Characteristics of an Oligopoly

Answer 4

Many businesses, few dominate 3-5
Differentiated products
Some entry barriers
Short price wars

Question 5

Characteristics of monopolistic competition

Answer 5

Many relatively small businesses
Few entry barriers
Similar products but still differentiated (eg taxi’s)
Brand identity relatively weak
Not price takers - but have limited control on price
Try to offer something different via differentiation

Question 6

What does b2b mean?

Answer 6

Business to business selling

Question 7

What does b2c mean?

Answer 7

Business to consumer selling

Question 8

What is mass marketing?

Answer 8

Targeting a whole market not a segment

Question 9

What is a niche?

Answer 9

Small segment of a market, unique interest

Question 10

Key features of mass marketing

Answer 10

Low cost operations
Heavy promo
Leading brands

Question 11

Key features of a niche

Answer 11

High prices
Full understanding of needs
Low start up costs
Small businesses may struggle to compete

Question 12

What is global marketing?

Answer 12

Selling goods and services overseas

Question 13

Key features of global marketing

Answer 13

Differentiated marketing techniques based on region
High earnings
Spread risks
Eos

Question 14

What is trade marketing?

Answer 14

B2b - business to business

Question 15

What is seasonal marketing?

Answer 15

Seasonal variations in market demand and patterns

Question 16

Types of market segmentation

Answer 16

Demographic
Psychographic
Geographic

Question 17

Factors effecting demand

Answer 17

Income
Fashion/trends
Price of substitutes 
Advertising 
Population 
Government legislation

Question 18

Factors effecting supply

Answer 18

Production costs
Weather/seasons
New technology
Legislation

Question 19

Equation for PED

Answer 19

% change in demand
______________________
% change in price

Question 20

Equation for YED

Answer 20

% change in demand
_____________________
% change in income

Question 21

If YED elastic

Answer 21

Luxury good

Question 22

If YED inelastic

Answer 22

Normal good

Question 23

If YED negative

Answer 23

Inferior good

Question 24

Objectives of market research

Answer 24

Discover needs
Understand structure 
Establish stage in product life cycle
Asses previous promo
Monitor competition

Question 25

2 types of market research

Answer 25

Primary

Secondary

Question 26

2 types of data

Answer 26

Qualitative

Quantitative

Question 27

2 types of sampling

Answer 27

Quota

Random