Watch the video above and under the Week 4 Videos, watch all videos.
Then go to a store, as discussed above, and observe. Observation is a well-established method of real world research. It will probably be easier and perhaps more informative if you pick on one product line to observe and observe by brand name. In particular, look for:
product prices,
product packaging (design, colors, logos, etc.); and,
product shelve placement relative to other similar products.
Based on what you observe can you identify:
which products/brand names compete most closely with each other? Are they placed close to each other on the shelves or far apart?
which products/brand names are aimed at cost conscious consumers? Where are these on the store shelves for grocery stores?
which are aimed at higher end consumers? Where are these on the store shelves for grocery stores?
which products/brand names have a narrower market and command brand loyalty? This one could be tricky to figure out.
Share what you find with the class on the discussion board.
What do you think you have learned from this activity?
What have you learned about monopolistic competition?