Question 1 of 19 5.0 Points One defining characteristic of pure monopoly is that: A. The monopolist is a price taker B. The monopolist uses advertising Correct C. The monopolist produces a product with no close substitutes D. There is relatively easy entry into the industry, but exit is difficult Answer Key: C Question 2 of 19 5.0 Points Which is a barrier to entry? A. Close substitutes B. Diseconomies of scale Correct C. Government licensing D. Price-taking behavior Answer Key: C Question 3 of 19 5.0 Points Other things equal, which reduces competition in an industry?
In a highly competitive business world, on a firm’s priority list is the subject of increasing profit and reducing cost. One might than pose the question, has this put them out of business (mom and pop store)? The answer is absolutely not, but rather, they too benefit from cheaper prices as they continue to buy in bulk and continue to operate as the name suggest, convenient
Additionally, the author describes that hiring only those with good looks can run into antidiscrimination problems. Greenhouse concludes by suggesting that hiring for image leads to the increased prices of product, increased sales of products, and can give the impression of authenticity which eventually leads to what businesses want, profit. Whether retailers should hire only who project certain image it might be morally wrong or not is a provocative question. After considering the evidence presented in Greenhouse’s article and my own experiences, I can fully support retailers company hire only attractive applicants. I am opposed to companies hiring applicants based on their physical appearances in part because hiring good looking people is an advantage to the company, it shows how people are treated differently based on their appearance.To illustrate, Mr. Serrano, a former Abercrombie and Fitch employee emphasizes that, “We were supposed to approach someone in the mall who we think will look attractive in our store.” (p2).
Both strategies failed, therefore it is necessary to analyze what were their mistakes. • Core Competencies: Trexel has the know-how to development of different product better than its competitors (lower production cost), so it is necessary to consider the cost savings of the different alternatives. • Competitive Advantage: Because of Trexel has the know-how to produce high-quality products at low production cost, they are better positioned that its competitors. Also Trexel have protected their intellectual property through patents, which allow maintaining a sustainable competitive advantage in the time. For these reasons, it is necessary to analyze the competitive advantage of the different options presented.
In the case of Apple, will Japan ever take their products seriously going forward, or will they always be thought of as a little behind the times? In the case of Hong Kong Disney, the wholesome family friendly household brand has now been associated with environmental degradation and not supportive of renewable resources. Case One: Japan to Apple’s iPhone: “No Thanks!” Apple underestimates the impact of the iPhone in Japanese markets. Apple did not take into consideration that Japan is one of the leading technological hotspots in the world when it comes to wireless technology, so while the rest of the world has been racing to catch up to the 3G speeds that Apple boasts in their newer device, Japan saw it as old news. Additionally, Apple was not able to integrate the higher quality digital displays that the Japanese are accustomed to using, which means that it was lacking in comparison to other devices already available in their market.
Apex should consider beta entry as an application innovation and a line extension to its current stigone market. Line extensions can provide low risk, given established reputation and customer base, and high revenues. Leveraging these two aspects, along with current category momentum, can generate high returns, Moore (pg 108-109). Apex can capitalize on their established brand and current stigone products and now redirect their efforts in the same market instead of starting over, Moore (pg 80). By continuing in the
His criterion for being one of the most famous entrepreneur’s of his time was to find a way to sell goods at a cheaper price than his competitors. Today the Walmart slogan, Save money. Live better., sounds as if it has Sam’s fundamental ideals in mind. However, some argue that the Walmart of today has abandoned the standards that Sam Walton had founded this great company on. The documentary, “Wal-Mart: The High Cost of Low Price” criticizes the company’s labor practices and sheds light into how this corporate giant may have a
A monopolistic Competition market has many sellers and provides good substitutes but differentiates their products from other companies. The nature of competition in a monopolistic market focuses on marketing, special features and pricing (Colander, 2010). Kudler Fine Foods has only a few competitors in the market that offers the same products and service to its customers. This market structure has negative and positive effects. A positive effect of Kudler Fine Foods in a monopolistic market structure is that they lead in the market and can increase competition between companies and make massive profits by setting higher prices (Colander, 2010).
Although this is not the most acclaimed procedure of motivation, that’s the Belichick way. This is where the two share similar traits again. Jobs views this method of weeding out the weak and incompetent, making way for only the well-built. It is not meant to be viewed as a negative trait, but as a means of getting things done the best way. Through this method of leadership, Jobs turned Apple into the most profitable business in the world, beating out Google in 2011.
• A differentiator gains a competitive advantage because it has the ability to satisfy customers’ needs in a way that its competitors cannot, which allows it to charge a premium price for its product. • Premium prices → increased revenue → superior profitability • A differentiator invests its resources to gain a competitive advantage from superior innovation, excellent quality, and responsiveness to customer needs • A product’s appeal to customers’ psychological desires is a source of differentiation. ▫ Example? 13 Differentiation • Generally, a differentiator chooses to divide its market into many segments and offer different products in each segment • A differentiated company concentrates on developing distinctive competencies in the functions that provide competitive advantage ▫ These are still expensive! • A differentiator must control its cost structure to ensure the price of its products does not exceed the price customers are willing to pay for them • When differentiation stems from the design or physical features of the product, differentiators are at great risk of being imitated ▫ Example?