Impact Of Market Structures : An Insight On Tiffany & Co Essay

The following case study is in regards of economic market structure. In the world of economics all businesses or companies rather, are categorized in certain market structures such as monopoly, oligopoly, or perfect competition, for instance, the market structure for restaurants. Most restaurants are considered monopolistic competition. Being that they all sell and serve food. They have to have instances that vary such as price, logos, servers, locations, décor, types of food, and hospitality.

Oligopolistic markets, such as supermarkets or car manufacturing, can be defined in terms of market structure or in terms of market conduct.

Characteristics of different business markets include: General market description, business opportunity, market segmentation, market size & trends, competition, customer profile and business environment. Looking at the different characteristics can help evaluate the market, this can be achieved by dividing the market into specific segments: by geographical market: by customer type: such as industries, professions, age. Evaluate the market size and trends by breaking the market into segments. This is often done to help assess who is the competition and how strong it may be within its own field.

5.(Market Structures) Determine whether each of the following is a characteristic of perfect competition, monopolistic competition, oligopoly, and/or monopoly:

In the movie clip, Kathleen Kelly , owns a children’s bookstore and she is trying to compete with Joe Fox. Joe Fox, owns a new large superstore bookstore and is Kathleen competition. The movie appeared

In the field of microeconomics, the market structure of an organization determines the performance of the organization within the industry. There are different types of market structures practiced today. Among these market structures include the perfect competition structure (Miller, Vandome, & McBrewster, 2009). In perfect competition structure, the competition happens between numerous small firms against each other. In this practice, there is optimum production by the firms socially at the minimum cost per unit possible. There is no barrier to entry in this structure, hence new companies and organizations can join easily. The

Firms within the fast food industry fall under the market structure of perfect competition. Market structure is a classification system for the key traits of a market. The characteristics of perfect competition include: large number of buyers and sellers, easy entry to and exit from the market, homogeneous products, and the firm is the price taker. Many fast food franchises fit all or most of these characteristics.

The organization and characteristics of a specific market where a company operates is referred to as market structure. While markets can basically be classified by their degree of competitiveness and pricing, there are four types of markets i.e. perfect competition, monopolistic competition, monopoly, and oligopoly. In perfect competition markets, many firms are price takers whereas monopolistic competition markets are characterized by the ability of some firms to have market power. In contrast, oligopoly markets are those in which few firms can be price makers while monopoly market is where one firm can be a price maker.

In differentiating between market structures one has to compare and contrast public goods, private goods, common resources, and natural monopolies. All of these are major factors that need to be considered.

Market structure is when an industry has a number of firms making identical products. An industry’s market structure depends on the how many firms are in that in industry and how they will compete in the market.

Firms within the fast food industry fall under the market structure of perfect competition. Market structure is a classification system for the key traits of a market. The characteristics of perfect competition include: large number of buyers and sellers, easy entry to and exit from the market, homogeneous products, and the firm is the price taker. Many fast food franchises fit all or most of these characteristics.

Tiffany & Co. is one of the oldest luxury jewelry brands, which was established in the U.S. by Charles Lewis Tiffany. The company when started was a stationery shop at New York’s Broadway Street, however because of the dedication and risk taking ability of its founder it today become a leading luxury jewelry and high-end specialty goods retailer. Tiffany’s offers a wide range of products to its customers including jewelry, watches, home pieces, stationery, crystal and chinaware, fragrances and silver ware. This report focuses on launching this luxury jewelry brand in New Delhi, India. The relation between Tiffany’s and India wouldn’t be new, it would rather be connecting old ties and making a strong foundation for its future in the country. In the initial years of launching the Brand the founder ventured into India in search of rare and ancient Indian Bronze. So now the company can come back in order to rejuvenate its old relationship with India. Apart from heritage reasons, it would also be highly profitable for them to venture out to India as they have been facing losses in their home country. Also, the brand value of Tiffany’s product would be very high, it would become a status symbol to own a Tiffany’s Product in India, which is not only good for the goodwill of the company but also its profit.

Middle class is booming worldwide and with prosperity comes consumers ' desire to show that they are doing well, therefore super brands like Danish Pandora and British Signet also called “category killers”, has stormed the global jewellery market where there is money to fight for. Pandora competes in affordable luxury segment, which in 2009 totalled 83 billion USD, equivalent to approx. 57% of the total market for fine jewellery. Affordable luxury still gives consumers the feel of stardust.

Different market structures are basically compared by the number of competing firms and the extent of entry barriers.

According to McConnell and Brue “Economists group industries into four distinct market structures: pure competition, pure monopoly, monopolistic competition, and oligopoly. These four market models differ in several respects: the number of firms in the industry, whether those firms produce a standardized product or try to differentiate their products from those of other firms, and how easy or how difficult it is for firms to enter the industry” (McConnell & Brue, 2005, chap. 21). As part of the MBA/501 course the learning team is tasked with identifying a company for each market structure, and describe the pricing