Marketing: James Taylor and Sabrina Response
Responses to James Taylor
The elasticity of demand is the change in quantity demanded due to a change in one unit of factor input. It is also determined by the market structure. This is because in a perfectly competitive market structure demand is perfectly elastic. In a monopolistic market, demand is elastic. In a monopoly, demand is perfectly inelastic while in an oligopolistic market structure depends on the action taken by the firm due to the linked nature of the demand curve (Kotler, 2012). This means that decisions made should put into consideration how responsive the market is.
Indeed customer loyalty does make the demand for a product to be inelastic. This means that changes in the price of the product itself and that of other close substitutes have little effect on the quantity demanded. It can only be achieved with time (Kamien, 1982). When a firm reaches this point, advertisement and marketing are done to maintain the insistence of the client. A good example is the Coca-Cola Company. It has been around for the last century and this has allowed the company to have a clientele base that will insist on the products regardless of the prices charged. This not only ensures predictability but cushions an expanding firm when it starts to experience diseconomies of scale.
Kotler, P., & Keller, K. L. (2012). Marketing management (14th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.
Kamien, I. M. Schwartz, L. N. (1982). Market Structures and Innovation, Cambridge University Press, London
Response to Sabrina
I completely agree that demand elasticity is used to determine the relationship between products from different firms. Complementary goods go hand in hand while substitutes it’s either one or the other. Competing firms are always trying to outdo each other using prices especially if their products are close substitutes, however, the tactic is only applicable in monopolistic market structures. This is because in other markets slight changes in the price can lead to major losses for the firms involved. A good example is the oligopolistic market structure, where decreases in the price can lead to a loss in the market share control of the firm (Bose, 2010).
In a perfectly competitive market, due to the free flow of information, a decrease in price will make all the other firms decrease their prices and all firms will experience less profit as they are price takers (Norman, 2000). Demand elasticity can also be used to determine the type of clientele base and the type of marketing required to be done for a product. If small changes in price lead to major changes in the quantity demanded then the firm requires employing a marketing strategy that leads to maintenance of clients. If the change does not lead to major changes then the firm will require employing a strategy that leads to client insistence.
Bose, C. (2010). Modern Marketing-Principles & Practice. New Delhi: PHI Learning Pvt. Ltd.
Norman, G. Thisse, J. F. (2000). Markets Structures and Competition Policy: Game Theory, Colombia Publishers
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