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In monopolistic competitive industry the products that make up that industry are

ID: 1190006 • Letter: I

Question

In monopolistic competitive industry the products that make up that industry are virtually alike. Only a few minor differences separate one product from the other (take soap for example). In such a case one is lead to believe that consumers could chose any product and achieve the same results.

Yet, that is not the case. Consumers actually prefer other brands over another and believe the brand chosen is better. Why? Does advertising actually play that huge of a factor in the products we purchase? In monopolistic competitive industry the products that make up that industry are virtually alike. Only a few minor differences separate one product from the other (take soap for example). In such a case one is lead to believe that consumers could chose any product and achieve the same results.

Yet, that is not the case. Consumers actually prefer other brands over another and believe the brand chosen is better. Why? Does advertising actually play that huge of a factor in the products we purchase?

Explanation / Answer

Advertising plays a crucial role in playing with consumers' minds and acheiving brand loyalty. A consumer once satisfied with results of one brand do not go around trying different brands of the same type of product, even if the results would be the same.

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