Microeconomics: Differentiating Between Market Structures in an Organization
Microeconomics
Electronics Industry
The electronics industry has become one of the largest and fastest growing industries which generate billions of dollars every year. The major products of this industry include personal computers, laptops, mobile phones, televisions, digital cameras, music players, telephones, speakers, recording media, and all types of accessories for these products. The operations, performance, and profitability of the participants of electronics industry is affected by a large number of market forces like technological advancements, competitive pressures, consumer behavior, governmental policies, and economic situations of the target countries.
Sony Electronics Corporation
Sony is one of the top market leaders in the electronics industry of the world. It manufactures, promotes, and sells a large variety of electronics and technological products at very competitive prices. The Sony products are recognized all over the world for their quality, reliability, and a real value for the customers' money. The success of Sony can be attributed to its focus on innovation and quality management which enables it to produce world class products after extensive research and development. The world's electronics market in which Sony operates is dominated by a few large competitors that compete with a large number of small and medium scale local and international brands. These large competitors create an oligopolistic competition in the industry. However, the presence of a huge level of competition has transformed the market structure of this industry from oligopoly to monopolistic competition where manufacturers offer the same product line with differentiation and variations. The biggest market force which has helped in this transformation process is the rapid advancements in the field of Information Technology and Computer Sciences.
The monopolistic market structure has been created because there are a large number of manufacturers that produce heterogeneous products with slight variations...
Market Structures Simulation Table Perfect Competition Monopoly Monopolistic Competition Oligopoly Open Source Software Microsoft Apple Health Care Insurance Goods/services Linux (O/S) Operating System O/S, Devices Insurance Barriers to Entry Medium Number of Organizations Few Few Medium Few Price Elasticity Limited Medium Economic Profit Limited Apple Inc. -- Market Structure There are different perspectives in which to view Apple's market structure since they operate in so many different markets. One perspective could be from an internal approach, in which the organization could be perceived as somewhat monopolistic since their hardware and software is "closed" sourced. Apple protects its proprietary
Market Structure McDonalds Market Structure: Mc Donald's Corporation Mc Donald's Corporation What type of market do you think your franchise operates (perfectly competitive, monopoly, monopolistically competitive, oligopoly)? What are the specific characteristics that make it this type of firm? Mc Donald's is one of world's largest chain of fast food operates in more than 119 countries worldwide with a customer base of 47 million customers. Each outlet is operated by a franchisee or an affiliate
Market Structures Table Compare the four market structures by filling in the table. Perfect competition Monopoly Monopolistic competition Oligopoly Example organization Hair Shampoo Companies Saudi Arabian Oil Cereal companies Cell phone companies Goods or services produced by the organization Hair products Oil and gas Breakfast cereals and comparable products Cell phones Barriers to entry Chemistry knowledge Raw materials few Technology Number of organizations Many Few Few Few Price elasticity of demand Is there a presence of economic profits? yes yes Based on the details available to you in the strategic plan, marketing overview, market surveys, and other
Market Structures Principles of Microeconomics ECO/365 Principles Microeconomics Differentiating Between Market Structures Cadillac Automotive Cadillac Automotive is a U.S. based automobile manufacturer that manufactures luxury vehicles. The company is owned by General Motors. Cadillac originally used to make carriages. The company sells in more than three dozen countries with its major operations centered in North America. It is regarded as the second oldest automobile manufacturer in U.S. after GM marque Buick. The industry Cadillac
Market Structure and Managerial Decision Making The objective of this paper is to discuss the concept game theory in the competitive market environment where there are two or more firms competing against one another. The paper cites the examples of Nash equilibrium, prisoner dilemma, and dominant strategy. Moreover, the paper discusses the theory of perfect competition, monopoly, monopolistic market and theory of oligopoly. (Bhat, and Rau, 2008). Game Theory The game theory is
Operations Decisions Market structure is a microeconomics term that encompasses the interconnected attributes of a market. The variables examined when considering market structure include characteristics of buyers and sellers, competition, product differentiation, and ease of moving into and from the market. Factors such as the number and strength of buyers and sellers, along with any collusion that may develop among them, are very influential on market structure, as evident in this
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now