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In which of the following market structures do firms produce the welfare-maximizing level of output?
Perfect competition!
What external forces influence a firms strategy?
External forces that influence a firm's strategy include economic conditions, competitive dynamics, regulatory changes, and technological advancements. Market trends and consumer preferences also play a significant role, as they can shift demand and necessitate adjustments in strategy. Additionally, political stability and global events can impact strategic decisions by affecting market access and operational risks. Understanding these external factors is crucial for firms to adapt and remain competitive in their respective industries.
Why do large firms buy parts and assemblies from smaller firms?
Large firms often buy parts and assemblies from smaller firms to leverage specialized expertise and innovative capabilities that smaller firms can provide. This approach allows large companies to reduce production costs, increase efficiency, and focus on their core competencies. Additionally, outsourcing to smaller suppliers can foster flexibility and adaptability in response to market changes, while also promoting collaboration and knowledge sharing between businesses. Ultimately, this strategy can enhance overall product quality and accelerate time-to-market.
Why does the firm use diversification strategy?
Diversification allows for firms to move away from relying on single brand/service lines. It also allows for them to survive by adapting to changing markets and demographics.
Why the government influence the growth of firms?
Governments seek to influence business to ensure that they are following regulations. If they are not, the government may fine them.
What competitive environmental forces influence the firms strategy?
The competitive environmental forces influence the firms customers, rival firms, new entrants, substitutes, and supplies.
What are some good IT consulting firms in London?
There are many good IT consulting firms located in London, England. Firms such as Bain and Company, Oliver Wyman, OC and C Strategy, and Candesic are all good IT Consulting Firms in London.
Which of the following statements is NOT true about information technology's impacts on business firms?
elps firms expand in size
Using contract manufacturing as a strategy to reach global markets offers firms the advantage of?
Reducing Risks
What is a price-skimming strategy?
With a price-skimming strategy, the price is initially set high, allowing firms to generate maximum profits from customers willing to pay the high price
Who should use a concentrated marketing strategy?
The concentrated strategy, which aims to serve a large share of one or a very few markets, is best suited for firms with limited resources
What is the strategy of Ford motor company?
The stratergies of Ford is to: Cover costs Make Profit Compete with other firms
Do firms need a marketing strategy?
yes - unless they have a monopoly of a scarce and popular product- as do other organisations, entrepreneurs etc
What exemplifies an intangible durable strategy used by firms to prevent competition?
Using brand name or trademark as a reflection of product quality
Why would a differentiated marketing strategy be used?
With a differentiated marketing strategy, firms create more total sales because of broader appeal across market segments and stronger position within each segment
In which of the following market structures do firms produce the welfare-maximizing level of output?
Perfect competition!
Is a level production strategy suitable for a pure service industry such as a professional accounting and tax services or law firms?
A level production strategy may not be ideal for pure service industries like professional accounting and tax services or law firms, as these services often experience fluctuating demand based on seasonal peaks, such as tax season for accountants. Such firms typically benefit from a more flexible approach, allowing them to adjust staffing and resources in response to varying workloads. A more adaptive strategy can enhance client satisfaction and optimize resource utilization, ensuring that services are available when demand is highest.
