Market Structure and Competitive AnalysisBack to Course Guide
The course provides an introduction to the basics of managerial economics and marketing management with an emphasis on the areas of overlay between the two disciplines. Topics include demand, costs, pricing, market structure analysis, and competitive strategies.
UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:
- Analyzing the variables that influence demand and their economic and marketing significance for competitive strategy.
- Interpreting the relationship between the demand function and the various revenue relationships of a firm and distinguishing revenue relationships in terms of market structure.
- Applying research techniques and data sources to analyze competitors within an industry.
- Comparing the link between price changes, elasticity of demand, and changes in total revenue.
- Identifying the market structures of perfect competition, monopolistic competition, oligopoly, and monopoly.
- Evaluating the overall pricing objectives of firms which may be demand based, cost based or competition based.
- Interpreting the economic and marketing significance of various pricing practices such as price discrimination, target return pricing, penetration pricing, product line pricing, and the market conditions favoring such strategies.
- Applying a specified model to assess the essence and degree of competition within an industry.
- Evaluating the use of competitive strategy to create a competitive advantage for a firm.
- Comparing the effects of economies of scale on market entry and pricing strategies.
- Evaluating the economic impact of prosperity, recession, scarcity, and stagflation on marketing decisions.
- Analyzing the influence of industry structure on competitive marketing strategies.
- Identifying the effects of price, promotion, product, and distribution on demand.
- Understanding how company objectives should lead to marketing objectives.
- Understanding the different channels of distribution: manufacturing, wholesaling, retailing, internet sellers.