1. Is gross profit or net profit more important to consider when you’re deciding how successful and profitable a company is? Why? Explain. (1-3 sentences. 2.0 points) Gross profit is the profit you make before taxes. Net profit is more important‚ because it is what you have after paying taxes‚ or the money you actually get to keep. 2. Choose a well-known company that you know of‚ and describe its direct and indirect competitors. Describe at least 2 direct competitors and 2 indirect competitors
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Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another as goods but not perfect substitutes (such as from branding‚ quality‚ or location). In monopolistic competition‚ a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms.[1][2] In the presence of coercive government‚ monopolistic competition will fall into government-granted monopoly. Unlike
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Edward Hastings Chamberlin (May 18‚ 1899 – July 16‚ 1967) was an American economist. He was born in La Conner‚ Washington‚ and died in Cambridge‚ Massachusetts. Chamberlin studied first at the University of Iowa (where he was influenced by Frank H. Knight)‚ then pursued graduate-level studies at the University of Michigan‚ eventually receiving his Ph.D. from Harvard University in 1927. For most of his career Edward Chamberlin taught economics at Harvard (1937–1967). He made significant contributions
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What are the conditions for a perfectly competitive market? What are the conditions for a monopolistic market? What are the conditions for a monopolistic competitive market? What are the conditions for an oligopolistic market? How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so. Colander (2008) specified that‚ a flawlessly modest market is a market in which financial services operate unhindered
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Scanning the Marketing Environment Who are the primary competitors? How to ascertain their strategies‚ objectives‚ strengths and weaknesses‚ and reaction patterns? What are the key methods for tracking and identifying opportunities in the macro-environment? What are the key demographic‚ economic‚ natural‚ technological‚ political‚ and cultural developments? The Marketing plan Market survey Segmentation Identifying needs and wants Targeting Choosing a target market(s) Developping a market
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When people here the name Toys "R" Us‚ they think back to when they were kids of going into a store made with bricks and mortar and leaving with mom in one hand and the latest toy in other and a great big smile from cheek to cheek. As time passed the pressure for companies to enter the "clicks" of e-commerce became strong. In 1998 Toysrus.com‚ a subsidiary of Toys "R" Us opened in attempts to "be wherever our customers are‚ and that includes the Internet." Having a strong brand recognition‚ there
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Differentiating Between Market Structures ECO/365 Differentiating Between Market Structures Today’s firms operate within various environments that economists refer to as market structures. These market structures forge each firm’s operational foundation‚ which essentially lays the groundwork to facilitate competitive marketing strategies. The factors that bolster a firm’s marketing tactics are vital is sustaining profitability as well as solidifying longevity within a particular industry
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"Monopoly power is not automatically bad as long as it is regulated". Discuss this view [20marks] Monopoly power occurs when a business is a dominant seller of a good or service with a market share that exceeds 25%. There are many disadvantages for societies where monopolies exist. A higher price than those in competitive markets is one of the main disadvantages for society. As monopolies are the main seller of goods and services in the market they can use their market power in order to raise
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THE MRTP ACT 1969 The Competition Act 2002 considers the modern issues of globalization and WTO besides the shortcomings of the now repealed MRTP Act 1969. But the success of the Compititon Act 2002 depends on the identification and determination of anti-competitive agreement. The MRTP Act‚ 1969 The MRTP Act‚ 1969‚ aims at preventing the concentration of economic power in order to avoid damage. The act allows for the probation of monopolistic‚ unfair and restrictive trade practices. This results
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MARKET MODEL is the classification of market meaning‚ it has more buyers and sellers . Charles Darwin an English nationalist‚ once said that in the struggle for survival‚ the fittest win out‚ on the expense of their rivals because they have succeeded in adapting themselves best to their environment. This means competition is much more intense in the business‚ market place where different people compete with each other in order to emerge on the top and make more profits. This essay will discuss
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