What Are The Differences Between Market Structures And Will Identify A Group Of Competitive Strategies?

1606 Words Nov 15th, 2015 7 Pages
It is important to apply microeconomics concepts toward the competitive strategies of an organization that operates in respective industry. This essay will evaluate the differences between market structures and will also identify a group of competitive strategies consistent with the market structure that best aligns with the market in which the organization competes. Additionally, assessing 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. There are many different aspects to classifying a business or corporation and its structure while taking everything else into account. You must take into account the different types of products and services in order to classify a corporation and its given structure. In addition to this, you must also take into account how many other corporations, who are offering the same product, what the industry’s supply and demand is for the product and/or service and how much business is generated by the corporation in question.
There are different categories of corporations which are all separated in their different business structure types. For Instance, perfectly competitive markets, monopolistically competitive markets, monopolies, and oligopolies are different business structures. An oligopoly is a market structure in which a few firms dominate the marketplace. When a market is shared between a few…
Open Document