Answered: Address the market structure…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question

Address the market structure classification of the Apple iPhone 6 plus.

Guidelines for this assignment are listed below:

Discuss which market structure best aligns with the Apple iPhone 6 plus.

Align characteristics of the market structure to that of the Apple iPhone 6 plus.

Discuss how price and quantity are determined for the Apple iPhone 6 plus.

Identify other competitors in the market.

Discuss whether or not any other competitors have influence over the market.

State whether or not any competitors engage in price discrimination.

Identify if the market for cellular phone aligns with game theory to include, a Prisoner's Dilemma.

Include the following:

1 to 2-pages of content

At least two sources

Definition Definition Economic decision-making framework that analyzes how different players optimize their outcomes with given pay-offs corresponding to their available strategies. The assumptions of game theory are: The number of players or competitors are finite/limited; All participants are rational The rules of the game are known to every player; and Each participant has a finite set of actions. A common way in which game theory is presented as an ( m x n ) matrix in which m represents the strategies of row player and n represents the strategies of column player. There are several limitations of game theory: Many businesses have a large number of competitors, and selecting an optimal strategy in these circumstances is difficult; Real-life business operating environments are full of uncertainty and difficult to model as a game theory; and The assumption of rationality and utility maximization isn't always an accurate portrayal of human nature.

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