How important are marketing promotion strategies in the success of a Term Paper

How important argon tradeing promotional material strategies in the mastery of a monopoly - Term Paper ExampleMonopoly can be created as a result of societal or political inclination whereby consumers are influenced to prefer a particular producer or seller. This is distinct where nationalism dictates what is produced and sold in the market. For instant, there are certain market economies that advocates for protectionism where consumers in that market are influenced to buy products from a particular producer or seller. This strategy often restricts other producers or sellers with plan to invest in the same market social bodily structure. In a monopoly market structure, the government often plays a greater role in selecting the producer or seller to dominate a particular market for products and services. For instance, the government often principal(prenominal)tains monopoly in selecting firms the favor in a particular sector. In most markets, the sectors that monopoly struct ure is dominant include the telecommunication sector or the pharmaceutical sector (Amadeo, 2014). This paper explores how marketing promotion strategies are important in the success of a monopoly.Maintaining monopoly over a product means that the producer or seller has to stay ahead of other firms in terms of coming up with strategies main to retain their customer base. This is because the demands from customers or consumers are dynamic and maintain a static strategy whitethorn result to a backlash from consumers who can decide to look for other sellers or producers willing to edge their demand or reject products from a monopoly producer or seller (Freire, 2009). The drawback with a monopolistic structure is that a product or service often becomes monotonous in the market and customers may fall back interest in their products if the monopolistic producer or seller is not creative enough to entertain consumers enthusiastic about their products or services. As a result of globalisat ion and a pressure to liberalise the global market, maintaining a monopolistic market structure is becoming more difficult as corresponding products are