ECO 365 Week 4 Differentiating Between Market Structures

Jun 5th, 2016
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You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. You will evaluate the differences between market structures and identify a group of competitive strategies consistent with the market structure that best aligns with the market in which the organization competes. You will assess how the market structure positively and negatively affects the organization's ability to earn an economic profit over time and evaluate the effectiveness of the organization's competitive strategies. Select an industry. Identify an organization in that industry. Your selected organization must be submitted for instructor approval. Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon and how this market structure differentiates from the other alternatives. Describe the level of competition the organization will face if under each of the following

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Competitive StrategiesSpirit AirlinesECO/365Market Structure in whichSpirit Airlines Competes The size of firms Amount of firms operatingin the market The strength and extentof barriers to entry and exitCont. Market Structure in whichSpirit Airlines Competes Service differentiation Spirit offers no frills,economical fares Firms in the airline industry controlthe prices Competitive behavior of firms in theindustryWays the airline industry marketstructure differentiate from others High set up cost Barrier of entry Legalregulations andrequirementsYou must respond toyour rivals choices,because your rivals areresponding to yourchoices.Ways the market structure differs from others Brand Loyalty Economies ofscale High operatingcost Advertising &Marketing Airplane mechanics &maintenance workers Specialized skills suchas pilotsMarket StructuresOligopolyPerfect CompetitionA small number of firmsThere are too many sellers and buyers totake control of the marketSimilar to a monopolyAdvertisement is not needed in a perfectcompetition because all goods are thesame and customers have all theknowledge pertaining to those goodsCan result from various formsKnowledge is available to all buyers andsellers, and no individual has controlover the pricesExits when there are few sellersBuyers and sellers want to maximizeprofitCan greatly influence priceLarge numb

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