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ECO 365 Week 3 DQ 2 Identify an example in which a firm you are familiar with made a strategic




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Identify an example in which a firm you are familiar with made a strategic decision that
was focused on improving the organization’s profitability. How did the market structure in
which the firm competes affect the firm’s decision-making? If the market structure was not
a factor, how do you believe it should have been incorporated into the strategic decision-
making process?
A firm that I am familiar with would be the automobile insurance firm. They make strategic
decisions to occupy their place in the market to allow the business to better server the market.
Insurance brokers work in a competitive industry and they have to choose their strategies in
order to maximize their profits and to compete against other insurance companies or firms. when
using specific strategies they accomplish specific benefits.
There are many different insurance firms throughout the country that I believe fit into the market
of the monopolistic competition structure and the challenges they face with advertising and
technology inspires the decision-making process. There are many insurance brokers and many
consumers in the market for insurance quotes. There is no one firm that has total control over
that particular market price. the brokers only have a small degree of control over the prices. In a
monopolistically competitive market, an insurance consumer must collect and process
information on a large scale of different insurance firms to be able to select the best brand that
suits their needs.

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