Marketing decision makers in a firm must constantly monitor competitors' activities-their products, prices, distribution, and promotional efforts-because*1 pointThe competitors may be violating the law and can be reported to the authoritiesThe actions of competitors may threaten the monopoly position of the firm in its industryThe actions of competitors may create an oligopoly within an industryNew product offerings by a competitor with the resulting competitive variations may require adjustments to one or more components of the firm's marketing mix

Organizations monitor the business to see what competitors are offering and what customers are demanding.

Competitor audience & Product & services

________________ in both monopolistically competitive and oligopolistic industries.a.It is impossible for new firms to enter the industriesb.Collusion and the creation of cartels is commonc.Producers cannot benefit from knowing other firms' plansd.Firms have some degree of control over prices

Multiple ChoiceBecause the business is only one of a few firms who can produce the product, the competition is fierce, which often drives the price of the product down.Businesses find it difficult to differentiate their products from competitors.Being the only business producing a product comes with intense pressure from consumers.Consumers cannot distinguish between your product and a competitor’s product at all.There is no real drawback to being in monopolistic competition.

The fundamental relationship of competitors that find ways to cooperate for the sake of the customers and benefit to the industry as well is known as ..Select one:a.Tactical Competitionb.Monopolisitic Competitionc.Co-Opetitiond.None of these