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according to professor porter, a business must differentiate itself from its competitors. one method is to encourage customers to believe that an organization provides higher quality goods or better service, then the organization can charge a premium, or gain market share, or (ideally) both. for example, by placing a swoop icon on a sweatshirt, nike is able to charge a higher price. this methodology is called .

Respuesta :

By placing a swoop icon on a sweatshirt, nike is able to charge a higher price,this methodology is called monopolistic competition.

What is monopoly competition?

Monopolistic competition occurs when a large number of firms offer competing goods or services that are equivalent but imperfect substitutes.

Restaurant chains such as Burger King and McDonald's are competing for dominance. Both operate fast food restaurants, have similar customer bases, and offer similar products and services. These two companies are in direct competition with each other, trying to differentiate themselves by using brands, charging more, and offering their own food and beverage packages. A company that sells its product exclusively and without any nearby substitutes is a monopoly. An uncontrolled monopoly has the ability to set prices and has market power. Examples include Microsoft and Windows, DeBeers and Diamonds, and local natural gas companies.

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