ECO 561 Week 6 Applying Economic Concepts to Improve Business Decisions

Jun 28th, 2016
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Revise your Week 3 economic analysis using the feedback provided by your facilitator to evaluate the challenges of expanding your company's production to a foreign market. This will require you to revise previously recommended pricing and non-pricing strategies for your company's product based on the selected country's economy's stage in the business cycle and the projected economic conditions. Discuss the evidence that supports your recommendations. Select a foreign market in which to expand your chosen product. Write a 1,750-word paper (including any material you include from your Week 3 assignment) detailing your findings. The use of tables and/or charts to display economic data over the time period discussed is highly encouraged. • Describe current global economic conditions and their effect on local macroeconomic indicators in your selected country. Consider forecasts for population growth, GDP growth, GDP per capita growth, export growth, and sales growth. • Evaluate the competitor

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Running head: MARKET STRATEGIES1Market Structure and Pricing PowerECO/561MARKETING STRATEGIES2In the automobile industry, the market structure used is the oligopolistic structure.Oligopolies are highly similar to monopoly structures, however; they have more than one playercontrolling the economy. Essentially oligopolies have few individual players within an industrythat can effectively cooperate and form a mutual monopoly or at least a framework in the level ofa monopoly. Numerous companies operating within such a structure are referred to as a cartel.An Oligopoly refers to a market largely dominated by few huge suppliers. In this structure, theleading corporations account for a huge percentage of the market share. These enterprisesmanufacture branded commodities, and there is a high level of competition among them whichhas resulted in tremendous spending campaigns towards marketing and advertising.These leading firms have the ability to make abnormal profits in an extended period asnew companies have several entry barriers. All these businesses within the market structure arehighly interdependent as they need to make considerations on the reactions and affects othercorporations as they determine their investment and pricing mechanisms (Berkowitz, 2010).Homogenous products, high entry barriers, few large producers and mutual interdependence aresome of the major elements common in such markets. In the automobile industry, there arenumerous varieties

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