Robert has a passion for making ice cream. Assume that ice cream parlors have a market structure of monopolistic competition. Between the local Amy's, Cold Stone Creamery, Marble Slab, Ben & Jerry's, and Baskin Robbins, he has an uphill battle to break into the local ice cream market.

How might Robert differentiate his ice cream shop, JubJub's, so that he can garner some market power?

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17-04-2020
Business

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Robert has a passion for making ice cream. Assume that ice cream parlors have a market structure of monopolistic competition. Between the local Amy's, Cold Stone Creamery, Marble Slab, Ben & Jerry's, and Baskin Robbins, he has an uphill battle to break into the local ice cream market.

How might Robert differentiate his ice cream shop, JubJub's, so that he can garner some market power?

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monica789412 monica789412 · Answer 1 · 2020-04-23T09:42:45+02:00

Robert has a passion for making ice cream. Assume that ice cream parlors have a market structure of monopolistic competition. Between the local Amy's, Cold Stone Creamery, Marble Slab, Ben & Jerry's, and Baskin Robbins, he has an uphill battle to break into the local ice cream market-

Robert differentiate his ice cream shop, JubJub's, -BY OPENING IT IN "The Triangle" area(where the elementary,middle school and the high school are less than 5 minutes away)

Explanation:

The main characteristic of a Monopolistic market are:-

Their exist many firms in the market.
The products sold by the firms are similar in nature not identical.
The firm are free to enter and exit the market.
The firms have little power to increase their prices.

So considering the above option the only valid choice left with Robert to differentiate his ice cream shop, JubJub's is that he opens his shop near "The Triangle" area (where the elementary,middle school and the high school are less than 5 minutes away)

ogorwyne ogorwyne · Answer 2 · 2021-12-10T16:50:28+01:00

In order to differentiate his ice cream Scoop, Robert has to do the following:

He has to put his ice-cream a t a price that would be appealing to the crowd.
He has to open his business close to a place that has available market.
He has to create a product that is different from what his competitors are doing.

A monopolistically competitive market can be described as a market that is characterized with many people selling homogenous but yet differentiated goods.

In other to have differentiated goods, a business would try to offer better services than competitors, be innovative, have a strategic location, have quality products.

If Robert does this, he would be able to garner some market power.

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