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Who is your competition?

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Who is your competition? AG BM 460 Introduction Most markets are concentrated You have identifiable competition This competition has a personality When you act, you ... – PowerPoint PPT presentation

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Title: Who is your competition?


1
Who is your competition?
  • AG BM 460

2
Introduction
  • Most markets are concentrated
  • You have identifiable competition
  • This competition has a personality
  • When you act, you must be looking over your
    shoulder
  • When they act, you must respond

3
Irvings
  • Who is the competition?
  • How do you compare?
  • How do you compete?
  • Who has more resources?
  • Who has more consumer loyalty?
  • If you offer a special, what will they do?
  • If you step up your ad campaign, what will they
    do?

4
Irvings
  • If they cut prices, what will you do?
  • Can you ignore them?
  • Will a new product help?

5
Industrial Organization
  • Study of competition in markets and behavior
  • In particular, how does competition occur?
  • How many competitors are there?
  • How do they interact?
  • What is the effect on performance?

6
Several Types of Markets
  • Pure competition
  • Monopoly
  • Oligopoly
  • Monopolistic competition
  • Workable competition

7
Competition
Structure Differentiation Entry Profits
Competition No Easy low
Monopoly Either None High
Oligopoly Either Very difficult Depends
Monopolistic Competition Yes Easy Low
Workable Competition either easy Low
8
Oligopoly
  • Few sellers
  • Entry difficult
  • Very identifiable competitors
  • May or may not have differentiated products
  • Prisoners dilemma

9
Monopolistic Competition
  • Small sellers
  • Differentiated products
  • Easy entry
  • Low profits
  • Pizza shops

10
Workable competition
  • Few sellers
  • Easy entry
  • Threat of entry keeps competitors under control

11
Oligopsony
  • A few buyers
  • Very important in agriculture
  • May lead to lower farm prices

12
Who is your competition?
  • Most firms have specific competitors
  • Need to understand their strengths and weaknesses
  • Need to know what they will do in certain
    situations
  • Need to figure out what you can do that they
    cannot easily match

13
Concluding Comments
  • Each firm must ask these questions
  • The answers define possibilities
  • Must do an honest evaluation
  • SWOT analysis
  • Cannot assume a benign competitor

14
Ragu Spaghetti Sauce
  • Who are their competitors?
  • How big are they?
  • Who is best known?
  • How do their prices compare?
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