Assume that you are thinking of starting your own business in the industry that is a monopolistically competitive market.

Assume that you are thinking of starting your own business in the industry that is a monopolistically competitive market.

Monopolistic competition is the one of the market structures that is characterized by many sellers, many buyers, all sellers selling similar products but differentiated, sellers and buyers being price takers, and few entry/exit barriers etc.

Clothing, shoes, and restaurants are textbook examples.

Think about T-shirts market. There are a lot of companies producing T-shirts from small local shops or online store to big guys like Nike or Under Armour. When we look at their T- shirts in distance, they look similar each other but they are quite different in fact if you look closely. Some use different fabric, every T-shirt has different print, and some have their logos on their T-shirts for example.

Because the competition level is very high, companies need the proper business strategy to survive in the business and make a profit. That’s why big companies spend a lot of money on advertising and R&D for marketing and quality improvement.

Now, this project will be minimum 3 page long but no more than 5 pages with font-size 12 and double spaced in word or pdf format. If you have references for the research or information you found somewhere, put them on the last page.

As mentioned above, the product in which you are interested must be in the monopolistic competition market. (Don’t get confused it with Monopoly which has no competition)

Do some research about the industry you are interested in planning on your business and write about it in the introduction part. Then, start talking about your product and your business plan in detail such as where you will have your business (if it’s not an online business), how competitive the market is in your planned location, who the major competitors are, how you will compete against many competitors in the market as a beginner, how you will attract customers, how you will make your products different from others, and how you will use your profit for the investment for example.