Market Structures and Pricing Strategies Essay Example | Topics and Well Written Essays - 2750 words

Market Structures and Pricing Strategies - Essay Example The basic understanding underlining the case study is that the four basic structures are perfect competition, monopoly, monopolistic competition and oligopoly. Perfect Competition and Monopoly are the extreme forms and most of the markets in existence lie between the two extremes. It has been observed by economists that perfect competition and monopoly are theoretical. During 1930s Edward Chamberlin of Harvard University and Joan Robinson of Cambridge University tried to make the study of market structures more realistic. The structure they analyzed is called monopolistic competition. â€Å"The concept of perfect competition was first introduced by Adam Smith in his book "Wealth of Nations". Later on, it was improved by Edgeworth. However, it received its complete formation in Frank Kight's book "Risk, Uncertainty and Profit".† Perfect competition is the market structure where you have large number of buyers and sellers. The sellers sell identical products. An example of Perfe ct Competition is the market of bathing soaps. Key characteristics of Perfect Competition are 1. Knowledge is freely available 2. No barriers to entry 3. Firms produce identical products 4. No single firm can influence the price. The firm is the price taker and the price is determined by the industry demand and supply. 5. There are large number of firms in the market 6. The motive of the firms is profit maximisation Monopolistic competition and Oligopoly lie between the two extreme market structures of Perfect Competition and Perfect Monopoly. ... Later on, it was improved by Edgeworth. However, it received its complete formation in Frank Kight's book "Risk, Uncertainty and Profit" (1921).† As stated on : http://economicsconcepts.com/perfect_competition.htm Perfect competition is the market structure where you have large number of buyers and sellers. The sellers sell identical products. An example of Perfect Competition is the market of bathing soaps. Features of Perfect Competition: Key characteristics of Perfect Competition are 1. Knowledge is freely available 2. No barriers to entry 3. Firms produce identical products 4. No single firm can influence the price. The firm is the price taker and the price is determined by the industry demand and supply. 5. There are large number of firms in the market 6. The motive of the firms is profit maximisation 2. Monopolistic Competition Monopolistic competition and Oligopoly lie between the two extreme market structures of Perfect Competition and Perfect Monopoly. What is Monopoli stic Competition? In this market structure, there are many buyers and sellers, like in a perfect competition. However, the products are more differentiated. An example could be Restaurants, where every restaurant may specialize in a different cuisine. As Karen Collins puts it in the book Exploring Business, â€Å"Products can be differentiated in a number of ways, including quality, style, and convenience, location, and brand name.† Features of Monopolistic Competition: The Key features of Monopolistic Competition as mentioned in the book â€Å"Economics: Principles and Policy† by William j. Baumol and Alan S. Blinder are: 1 Large number of buyers and sellers 2 Freedom of entry and exit 3 Perfect Competition 4 Heterogeneous

KONE PLC Strategic Plan including digital marketing strategy Essay

KONE PLC Strategic Plan including digital marketing strategy - Essay Example An analysis of its market approaches shows that the firm has had its presence in Europe since its establishment. Additionally, the company has not used its capital accumulation to enhance its growth in other markets, unlike other firms that have targeted infant elevator markets. An analysis of its product and services shows that the company has provided dedicated its production line in people flow. Most of its products include automatic doors, auto walks, elevators, escalators, and access control systems. Its branding strategies have increased its target markets ensuring an increase in sales and capital accumulation. It also targets the service industry that has been rated as one of the fast growing markets globally. The diversity of products also assists in its competition strategies leading to its high ratings in the top global firms list. An increase in its main markets requires that the firm should adopt services such as digital marketing to ensure all customers in the markets (Asia, Europe, and the U.S) are covered without any delays. KONE GB’s mission statement is based on the safety of customers. Its dedication to people flow is the driving force for its production and product quality. The firm ensures that its products have undergone safety tests since they directly deal with the people. Ensuring maximum security and a smooth flow of people with flexibility and scalability is a mission statement that governs the employees in their production process. As a result, its products have been rated safest compared to its competitors. It has also incorporated advanced technology in its products to reduce the risks of breakdowns. In the values statement, the firm has engaged in class that is required in the service industry. For example, it has made attractive elevators and escalators that can be used in luxurious hotels and malls. They ensure that customers can customize their product; hence, acting as a strategy to increase its market

LINGUISTICS - Discuss the role and status of pidgin and creole Essay

LINGUISTICS - Discuss the role and status of pidgin and creole languages in post-colonial contexts - Essay Example 8) which they master as they grow, using it as their most effective means of interacting and identifying them in many ways. For example, through language people’s nationality, profession, education, and even values can be sensed. Hence, â€Å"when we study human language, we are approaching what some might call the ‘human essence’, the distinctive qualities of mind that are, so far as we know, unique to [humans]† (Chomsky, cited in Fromkin & Rodman, 1998: 3). With language being distinct to humans, it is believed that, languages best mirror the human mind (Leibnitz, cited in Chomsky, 1986, p. 1). Thus, language study is important and fascinating, specifically the study of language acquisition. As Bloomfield (1933) said: â€Å"the acquisition of language is doubtless the greatest intellectual feat anyone of us is ever required to perform† (p. 29). If children’s effortless acquisition of first language (L1) raises many questions, the impact of L1 acquisition on second language (L2) acquisition raises more questions, especially in considering its implications on L2 teaching. LA, a field of study that has earned much attention and controversy, is used interchangeably with language learning (LL). For instance, Quine (1960) defines LA as just another term for LL, as the mental capacities used in acquiring a language are the same mental capacities used in learning a wide array of other skills. But Chomsky (1969) and Krashen (1981), in different contexts, define LA and LL as two different processes. For Chomsky, children acquire and master their L1 as they develop, yet they learn their L1 differently compared with their learning other things, like using cutlery (cited in Chapman, 2000, p. 159). While, Krashen (1981) differentiates LA and LL in the context of second language acquisition (SLA), wherein LA is the process by which children acquire their L1 and L2,

Nonverbal communication in organizations Research Paper

Nonverbal communication in organizations - Research Paper Example However, it can be apparently observed that business organizations often face certain problems (such as misinterpretation of non-verbal signals), leading towards ineffective business performance and corporate culture. In this regard, certain recommendations have been provided with the objective of enhancing communication process. Contextually, it can be affirmed that business organizations, with effective communication process may aid in enhanced performance of business operations in the present competitive business scenario. Nonverbal Communication in Organizations In the present business scenario, market competition has augmented to a substantial extent with the development in the field of technologies and increased level of globalization. A similar argument has remained in focus of various studies conducted in the recent era, for example in Mujezinovic (2011), Rho (2009), Ambady & Rosethal (1998) and Vasu, Stewart & Garson (1998) to name a few. Although the arguments in these stud ies have been varying and often contradictory, the inferences drawn have been commonly in agreement with the statement that modern business organizations are required to be much competent in performing internal along with external business activities with the intention of executing business operations in a competitive along with a profitable manner. In this regard, communication is determined to be playing an imperative role in assisting business organizations to conduct their respective business activities efficiently. While this particular notion is agreed upon by many, the way through which, communication processes within organizational contexts can be managed remains to be a major point of dispute among researchers. Recent researches in this regard, have viewed that business organizations often communicate externally along with internally1;2;3. As argued by Rho (2009), externally, business organizations communicate messages for conducting various activities such as marketing. On the other hand, internal communication denotes the process on the basis of which effective communication is made between employees and employers. In this context, effective communication will facilitate organizations in better management, coordination and execution of effective business operations towards the accomplishment of desired business targets4. Arguably, non-verbal communication is regarded as a procedure of communicating information and messages through expressions, mimics and gestures. As noted by Spaho (2013), this type of communication involves conveying of messages in any form other that language or words. The impact of non-verbal communication is based on various factors that include inner coherence, dissimulation capacity, ability and strength to manipulate information among others. Non-verbal communication often plays a decisive role in conveying important messages within a business organization in accordance with which business operations can be executed in an eff icient manner5. Discussion Explanation of Non-verbal Communication in Organizations In the most simple way, non-verbal comm

Porter's Five-Force Analysis Case Study Example | Topics and Well Written Essays - 1250 words

Porter's Five-Force Analysis - Case Study Example The first key external environmental issue in the PHARMAC case study is the importance of regulatory agencies and authorities. From the case study, three advisory committees are identified as the key regulatory factors. The Consumer Advisory Committee (CAC), the Pharmacology and Therapeutics Advisory Committee (PTAC), and the Cancer Treatment Sub Committee (CatSop) are all identifies as the key factors (Koster, Erakovic and Smith). These committees are the advisory boards to the various elements of the external environment and the decision-making organs of PHARMAC. The other key environmental factor identified is the political factor in the operations of PHARMAC. The decision that PHARMAC made; approving the nine-week trial Herceptin drug reflects the influence of vested shareholder interests in the decision-making process. The political element is particularly important for this analysis because of the vested interests of the parties. Roche industries can be identified as having som e political influence on the analysis and the decision-making process. Porter’s Five-Force Analysis An analysis of the case study can also be done using Porter’s five-force analysis, which is used to determine every facet of the organization ranging from the profitability to the competitive threat and power of the industry (Porter, 1998). The first part of the five-force analysis is the threat of new entrants into the industry, a factor that is deemed to increase the intensity of competition. From the case study, it can be concluded that there is no threat of new entrants into PHARMAC’s industry because it is a government sanctioned advisory agency. An analysis of the second element in Porter’s five-force analysis is focused on the power of suppliers, who, in this case, are identified as the drug company Roche. The case study indicates that the supplier of Herceptin had exceptional power in the market; therefore, the bargaining power was relatively high. The third factor of Potter’s five-force analysis is the bargaining power of buyers, who, in this case, are identified as the New Zealand population and the regulatory and advisory agencies. An analysis of these buyers indicate that they have relatively low power compared to the suppliers, hence the decision to fund the nine-week trial of the drug Herceptin. The threat of substitutes is also considered in the same way as the threat of new entrants. In the funding process of new drugs, the case study indicates that PHARMAC and MedSafe are the primary considerations; therefore, there is no credible threat of substitutes. The competitive rivalry within the industry, the last factor of the industry analysis, indicates that the various factions in the funding and approval industry have different bargaining powers. The drug industry is very costly; therefore, the different competitors in the industry are identified to need massive amounts of funding to succeed. The case study also i ndicates that the critical success factor in the industry is consultation and good relations between the key players in the industry. The case study reveals that PHARMAC made its decision to fund the limited trial period for Herceptin based on a cost-benefit analysis. The success of the decision-making process could have been varied if the firm had decided to perform prior consultation with the stakeholders. This can also be supported by the success of the drug in other countries and regions. The main critical success

The Food (Grocery) Industry Essay Example | Topics and Well Written Essays - 2500 words - 11

The Food (Grocery) Industry - Essay Example From this paper it is clear that there is a wide spread economic recession that necessitates study of external factors affecting businesses as many of them are closing down due to this. As a management consultant, I will help the United Kingdom’s grocery industry to asses its current competitiveness and its macro environmental position so as to be able to assist in making decision about the possible strategies to be applied in future A lot of businesses are venturing in UK grocery industry, in the year 2001, the number of groceries was very high and their operative average value was estimated to be Around 103.4 billion pounds. The food industry has become the core business venture of many supermarkets and expenditure on food stuff in the UK; this growth has been constant since 1990. Analysts have ascertained that the food industry could be the only business that is recessive proof. None the less, the non food articles are responsible for the increasing share.According to the s tudy the supermarket especially the grocery industry is led by large supermarkets and groceries namely ASDA, Safeway, Tesco and Sainsbury. Waitrose is one of the leading groceries in the United Kingdom. It has shown considerable growth despite the economic recession that been affecting the industry since the year 2001. The industry has been doing very fine with Waitrose operating 137 stores, Tesco operates 146 stores, ASDA operates over 100 stores over UK and the trend is the same for other companies including Safeway and others. The PPG has made it very difficult to access out of town permission for planning. This has actually jeopardised the strategies by some of the businesses which wanted to open new food and home super-centres.

The War on Drugs Essay Example | Topics and Well Written Essays - 250 words

The War on Drugs - Essay Example In response to this, the initiative on war on drugs is significant in many countries, and many are working so diligently to ensure they fight illegal drugs. For instance, Canada has worked hard to issue policies on war on drugs. In 2001, Canadian Court of appeal issued a drug law disapproving the use of marijuana for medical purposes. Furthermore, it was realized that, the use of marijuana could lead to health problems, hence it was vital to fight its use. The war on drugs continues to be a contentious issue. There are those opposing, and others proposing. In this context, most states are working diligently to ensure that they fight the use of illegal drugs. In facts, the United States has the highest number of drug dealers. Most people are jailed for drugs correlated crimes. As a result, this has been a waking call for the American government to impose laws for the war on drugs. The major focus of war on drugs is to keep off most people particularly young people from using illegal drugs. As discussed previously, the war on drugs has been a controversial and ongoing debate globally. Nevertheless, most countries have implemented laws to prevent drug abuse. Categorically, this paper has discussed the subject; the war on drugs. In great insight, the essay has outlined how various countries have implemented polices that prohibit illegal drugs usage. Often, the war on drugs has been to prevent health effects, crime, and corruption. When prohibition of illegal drug is in effect, it prevents many from abusing drugs. With this in mind, implementing drug laws is exceptional in the War on