Four Types Of Market Structure

Question 1:

Marketers create and define the market structure in order to understand the competition and customer behavior. Understanding market structure helps marketers develop marketing plans and enact successful marketing strategies.

Market structure determines how sellers and buyers and customers behave in the market, how different price levels and production and selling methods interact. Four main types of market structures are (oligopoly – Monopoly – Perfect competition – Monopsony)

2 Digital Media marketing companies in the Middle East (company X and company Y).

The business structure of a Digital Marketing firm consists of the following departments:

Management: The senior management is responsible for managing the business aspects

Any 2 firms in that are similar and compete in the same industry might have a different performance according to which Strategy each company follows. Strategy has many definitions from the marketing perspectives yet it has some points in common. Strategy is a plan, method, or series of actions designed to achieve a specific goal or effect. By following a certain strategy, a company can gain a competitive advantage among firms in the same industry.

Strategy is about identifying what goals the company wants to achieve, allocating the resources this company has in the right place at the right time, and moving in the correct path that leads to finally achieving company’s goals and objectives without deviating from that path.

According to Henry Mintzberg strategy can come in different ways (5 P’s). Strategy as a Plan, Ploy, Pattern, Position and Perspective.

Strategy as a Plan: Intended course of actions, set of guidelines to deal with a situation.

Strategy as a Ploy: A trick a company can use to competitive advantage over their

This used very simple concepts and tried to distinguish in the first order between the impact of internal and external factors on a firm's ability to compete. In order to identify potential product and market strategies the SWOT technique forced companies to look systematically at the following aspects of their industry and their firm: Strengths: Attributes of an organization that help to achieve a competitive position; Weaknesses: Attributes of an organization that are harmful to a firm's competitive position; Opportunities: External environmental conditions that help achieve a competitive position; Threats: External environmental conditions which could damage a firm's competitive position.

There are different types of strategies, some of them are deliberate strategies and others are emergent strategies. What’s meant by a deliberate strategy is to have precise intentions when setting the business plan and image and these intentions must be agreed on by all individuals in the organization, so that everyone moves in the intended path of the goals and objectives of the