2020-06-29
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Interpreting cartoons: Study the cartoon and answer the questions:
1. What does the cartoon depict?
2. What can bees and honey symbolize?
3. Are there any other suppliers of a similar product in the market?
4. What does the expression “We can differentiate ourselves from the competition” mean?
a. Businesses compete by using product differentiation.
b. Each supplier sells a slightly different product to attract customers.
c. A loyal customer base can be built through product differentiation.
5. What market structure is the cartoon about?
6. What makes it funny?
Understanding economics jokes:
· A man went to his bank manager and said, 'I'd like to start a small business. How do I go about it?'
'Simple,' said the bank manager. 'Buy a big one and wait.”
· The 1st rule of economy: for one economist there is an opposite school of thought economist.
The 2nd rule of economy: both are wrong.
Perceiving quotes about market and competition:
Enjoy some quotes from Peter Thiel on Business:
· “If you’re the founder…entrepreneur starting a company, you always want to aim for monopoly and you always want to avoid competition.”
· “There are exactly 2 kinds of businesses in this world. Businesses that are perfectly competitive and businesses that are monopolies.”
· “Anyone that has a monopoly will pretend that they’re in incredible competition.”
· “If the monopolists pretend not to have monopolies and the non-monopolists pretend to have monopolies, the apparent difference is very small”
· “If you’re a non-monopolist, you will rhetorically describe your market as super small, you’re the only person in that market.”
· “If you have a monopoly, you will describe it as super big, and there is lots of competition in it.”
· “If you’re a startup, you want to get to a monopoly”
· “I think all happy companies are different, because they are doing something very unique.”
· “All unhappy companies are alike, because they fail to escape the essential sameness which is competition.”
Unit 8
THE CHANGING ROLE OF MARKETING
