Question 1: First, summarize the job you are going to be answering these questions about, you may interview a spouse or use a former job if it lends itself better to these questions, you can enumerate the answers or write
them in paragraph form. What were the key forces shaping the nature of competition and the opportunities for profit in this industry? What, if anything, does your firm do to insulate themselves from competitive forces? Give specific examples. Was the product homogenous or heterogeneous? Note some of the substitute products for
the product being produced. Was geography a factor in the determination of this market (did it provide a monopoly power due to geography)? Were there many competitors or was this industry dominated by a small
number of large firms? Was the demand for the product elastic or inelastic. What type of control did your firm exert over prices? Was this industry-government regulated? Or did regulatory policies affect your pricing and
output decisions?
Question 2: Provide at least one example of price discrimination and explain whether it falls under first, second, or third-degree price discrimination. Please make sure this is answered in a paragraph format with
supplemental materials.
Question 3: In Chapter 16 there is a section on the pros/cons of Advertising. It considers the value advertising a product or a service has to consumers versus the cost for a firm to utilize. In modern-day gone are the
advertising campaigns in print media and to an extent, the proliferation of the way we “watch TV” has also minimized the effect of advertising via commercials. We are all consumers at the end of the day. Consider what
types of advertising campaigns and tactics impress you, what convinces you to buy or try a new product, why do you remain a loyal customer? What new-age marketing tactics are the most persuasive and why?
If you were a marketing consultant for a business firm (you can choose to focus on a local, small-business for which you might have one specifically in mind or a large corporation) either way, what is ONE specific tactic
you would advise a company to utilize to improve the bottom line of this firm?
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