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ECN 601 Fundamentals of Economics

Question

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Task:

Part A  

In a perfectly competitive market where there is virtually no product differentiation, what do you think are the priorities or focus of a firm? How could a firm increase profits? 

Part B 

Explain a situation within the last 12 months you have observed (or read about) in which a firm made a decision considering irrelevant costs or did not consider relevant costs. What is the difference between the two? What was the outcome of the decision, and what could have been done differently?

Part C 

Respond to the following post with no specific instructions given other than word count. May  further address benefits of good customer service over poor customer service in a competitive market. May also discuss how warranties and guarantees, and advertising  (word of  mouth or/verses commercial-type) have a positive or negative affect on competitors and sales.

A firm should focus on anything it can do to separate or differentiate itself in a perfectly competitive market. One focus should be on cost using the cost leadership strategy. “Any company that tries to beat competitors by offering a product for a lower price employs the cost leadership strategy” (Huebsch, 2019). Walmart is an example of this. They leverage their buying power to force supplier companies to sell products at low prices all the time (Huebsch, 2019). Even focusing on something such as providing exceptional customer service will help a firm gain an edge over their competitor(Adams, 2016). If you look at some of the retail stores, where identical merchandise is sold at nearly identical prices, places that have better service usually have more success in their business. Other small things that might stick out are things like, return policies and warranties. If the product is identical amongst all sellers, but one place offers a better warranty or has a no questions asked return policy, usually that business will be more successful. “Manufacturers generally use warranties and guarantees as marketing tools to give customers assurance that what they are buying is of good quality. It can also be used to enhance a brand's reputation or serve as a competitive differentiator for the consumer” 

ECN 601 Fundamentals of Economics

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