Monopoly and monopolistic competition Essay Example for Free

Monopoly and monopolistic competition Essay To understand the difference between these market structures, you have to understand what these market structures are. We start off discussing the oligopoly market. One type of imperfectly competitive market is an oligopoly which is a market structure in which only a few sellers offer similar or identical products. (Mankiw, 2012) this means that a small number of companies dominate the industry and have to compete with one another with price and service. In my opinion, this market is very competitive so most of the firms in this market have to have a strong point in quantity and customer service to win over their consumers. Some good examples of these companies in this market would be movies, health insurance providers, and phone carrier. In a monopoly sellers dominate the entire market and have the ability to set their own prices. This means that one of the main differences between a monopoly and a oligopoly is price because the price of a monopoly is going to be higher since they have no real competition. Now some great examples of these companies that are a monopoly are: Microsoft, Google (even thou you have others like Bing) etc. These corporate giants make millions of dollars with their products because in a monopoly the customer has no choice but to pay the price that the firm has set. Now the last one that I’m going to discuss is a monopolistic competition. Another type of imperfectly competitive market is a monopolistic competition, which is a market structure in which several or many sellers each produce similar, but different products. (Mankiw, 2012) Each of the producers can set its price and quantity without affecting the market as a whole. Some good examples of these firms would be your fast food restaurants (Mc Donald’s, Burger King, and Sonic). These restaurants all sell burgers, but the product doesn’t taste or cost the same. We have learned from reading this essay that in a monopolistic market uses their dominance to set their prices, so that they can maximize their profits. In my opinion, it seems that the man difference is that one market has to be competitive with other sellers and the others don’t really have any competition so they can do pretty much as much as the government would let them. So if I have to enter a market it would be monopoly for the simple fact that it has the majority control and you don’t have to really worry about competition, and make a good day for profits.

various forms of obscenity :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In order to narrow down the focus of my research, this paper will briefly discuss what is considered obscene and the different ways in which obscenity will manifest itself. Obscenity law aims at punishment for thoughts provoked or preventing the formation of certain thoughts, typically, erotic ones in the minds of willing viewers but not for overt acts, nor for antisocial conduct. Although the United States Constitution protects the freedom of speech, the First Amendment was not intended to protect every utterance. In addition, many United States Supreme Court cases have consistently held that there are narrow categories of speech that are not protected by the First Amendment. These include obscenity, child pornography, inciting to riot, libel, false advertising, perjury, contempt of court, harassment, threats, copyright infringement and invasion of privacy. Thus, obscenity is not protected speech but a crime. Although the definition of obscenity is not sufficiently clear, the United States Supreme Court provided a workable attempt in defining what is obscene. In 1973, in the landmark case of Miller v. California the Court held that before any material can be determined obscene, a three-prong test must be met: 1) determine whether the average person, applying contemporary community standards, would find the work taken as a whole appealing to prurient interests; 2) whether the work describes in a patently offensive way, sexual conduct specifically defined by the applicable state law; and 3) whether the work, taken as a whole, lacks serious literary, artistic, political or scientific value. Further, obscenity can manifest itself in different forms. It can manifest itself in conduct, pictorial representation of conduct, and in the written and oral description of conduct, with each method of expression presenting its own problems. These manifestations are more commonly seen in the literary form; speech; motion picture; artistic work; and now internet pornography. In determining whether a book is obscene, the Miller test tells us that the material must be considered as a whole and not judged by its vulgar and indecent paragraphs alone. In addition, a book may be indecent and obscene, no matter how humorous, or satirical.

Exam Retailing Essay

Retailing-consists of the final activities and steps needed to place merchandise made elsewhere into the hands of the consumer or to provide services to the consumer. Last step in supply chain. Trends that affect Retailing today: * E-tailing- ie. The Internet accounts for less than 5% of retail sales but has changed consumer behavior. (speed, convenience, control, vast info, lowest prices) hasn’t destroyed †¦ *Bricks-and-Mortar retailers – Retailers that operate out of a physical building. ’ but B & M retailers must give customers more control to combat E-tailing. Outshopping-when customers get needed info (such as proper size or how to assemble a product) in the store and then orders it online for a lower price and to avoid paying sales tax. * Price Competition Loss Leader-selling a product at or below its cost Bottom Line-net profit on an income statement *Same-Store sales-compares an individual store’s sales to its sales for the same month in the previous year. *Market Share-the retailer’s total sales divided by total market sales *Scrambled Merchandising- exists when a retailer handles many different and unrelated items. The result of the pressure being placed on many retailers to increase profits by carrying additional merchandise or services (with higher profit margins) that will also increase store traffic ex. Convenience store that sells low margin gasoline but high margin bread, milk, beer, ciggs ETC. Supercenters, gift cards in grocery stores but causes cost increases in RENT, INVENTORY COSTS, LABOR COSTs *Category Killer-a retailer that carries such a large amount of merchandise in a single category at such good prices that it makes it impossible for customers to walk out without purchasing that they need, thus KILLING the competition Categorizing Retailers Census Bureau- NAICS code Number of outlets- Chain? Or not? *Standard Stock list-a merchandising method in which all stores in a retail chain stock the same merchandise *Optional Stock List approach-merchandising method in which each store in a retail chain is given the flexibility to adjust its merchandise mix to local tastes and demands. *Channel Advisor or Captain-the institution (manufacturer, wholesaler, broker, or retailer) in the marketing channel that is able to plan for and get other channel institutions to engage in activities they might not otherwise engage in. Large store retailers are often able to perform the role of channel captain. *Private Label Branding- May be store branding, when a retailer develops its own brand name and contracts with a manufacturer to produce the product with the retailer’s brand, or designer lines, where a known designer develops a line exclusively for the retailer. Margin/Turnover Gross margin percentage- measure of profitability GROSS MARGIN/NETSALES Gross Margin-NET SALES – COST OF GOODS SOLD Operating Expenses-expenses that a retailer incurs in running the business other than the cost of merchandise Inventory Turnover- refers to the number of times per year, on average, that a retailer sells its inventory. High Performance retailers-retailers that produce financial results substantially superior to the industry average. Low margin/low turnover-operates on a low gross margin percentage and a low rate of inventory turnover†¦ will not be able to generate sufficient profits to remain competitive and survive. High Margin/Low turnover-(bricks and mortar) high gross margin percentage and low ate of inventory turnover ( high end stores, mom and pop) Clicks and Mortar-instore and online Low margin High turnover- low gmp, high rate of inventory turnover (wal mart, amazon. com) High, High- convenience stores, 7 eleven, circle k, Location- new non traditional places. Size *Store management- the retailing career path that involves responsibility for selecting, training, and eval uating personnel, as well as instore promotions, displays, customer service, building maintenance, and security *Buying-retailing career path whereby one uses quantitative tools to develop appropriate buying plans for the store’s merchandise lines. Analytical method –finder and investigator of facts Creative Method- Idea person Two pronged approach- both analytical and creative CHAPTER 2 Strategic planning- involves adapting the resources of the firm to the opportunities and threats of an ever changing retail environment * Development of mission statement * Definition of specific goals and objectives for the firm * Identification and analysis of the retailers strengths, weaknesses, opportunities and threats –SWOT ANALYIS * Development of basic strategies that will enable the firm to reach its objectives and fulfill its mission Mission statement- a basic description of the fundamental nature, rationale, and direction of the firm. Market Share- retailer’s TOTAL SALES/ TOTAL MARKET SALES Profit-based Objectives-deal directly with the monetary return a retailer desires from its business ROI/RONW- Return on investment/ Return on Net Worth STRATIEGIC PROFIT MODEL (MEMORIZE) Net ProfitMargin| Net Profit /Total Sales| Return on Assets| Net Profit* /Total Assets| Financial Leverage| Total Assets/Net Worth| Return on Net Worth| Net Profit*/Net Worth| X = Asset Turnover| Total Sales/Total Assets| Stockouts- products that are out of stock and therefore unavailable to customers when they want them Productivity objectives- state how much output the retailer desires for each unit of resource input: Floor space, labor, and inventory investment. * Sales prod: net sales/ total square feet of retail floor space * Labor prod: net sales/#of full time equivalent employees * Merchandise prod: net sales/average dollar investment in inventory Societal Objectives- those that reflect the retailer’s desire to help society fulfill some of it’s needs. * Employment objectives * Payment of Taxes * Consumer Choice * Equity * Being a benefactor RASM- (revenue per available seat mile) calculation used by airlines. Yield Management- the understanding, anticipating and reacting to changing customer needs in order to maximize the revenue from a fixed capacity of available services. (1)low marginal costs (2)fixed capacity (3) perishable product (4)fluctuation demand (5)different market segments Personal Objectives-reflect the retailer’s desire to help individuals employed in retailing fulfill some of their needs. * Self Gratification * Status and respect * Power and authority Strategy- a carefully designed plan for achieving the retailers goals and objectives. 3 strategies Get shoppers into your store/ traffic strategy Convert these shoppers into customers by having them purchase merchandise (retailers conversion Do this at the lowest operating cost possible that is consistent with the level of service that your customers expect Target market-the group of customers that the retailer is seeking to serve Location-geographic or cyber space where the retailer conducts business Retail mix- the combination of merchandise, price, advertising and promotion, locations, customer service and selling, and store layout and design Value proposition- clear statement of the tangible and/or intangible results a customer receives from shopping at and using the retailer’s products or services Operations Management- deals with activities directed at maximizing the efficiency of the retailer’s use of resources. It is frequently referred to as day to day management. CHAPTER 6 Horizontal Price Fixing- occurs when a group of competing retailers (or other channel members operating at a given level of distribution) establishes a fixed price at which to sell certain brands of products ILLEGAL violates Sherman Antitrust Sec 1 Vertical Price Fixing-occurs when a retailer collaborates with the manufacturer or wholesaler to resell an item at an agreed upon price Price discrimination- occurs when 2 retailers buy an identical amount of â€Å"like grade and quality† merchandise from the same supplier but pay different prices. Clayton act makes only certain forms illegal DEFENSES Cost justification- differential in price could be accounted for on the basis of differences in cost to the seller in the manufactur, sale, or delivery. Due to differences in quantity or method. Changing market differences-justifies based on the danger of imminent deterioration of perishable goods or on the obsolescence of seasonal goods. Meeting Competition in good faith -lower price was made in good faith in order to meet an equally low price of a competitor Deceptive Pricing-occurs when an misleading price is used to lure customers into the store and then hidden charges are added; or the item advertised may be unavailable. Predatory Pricing-exists when a retail chain charges different prices in different geographic areas to eliminate competition in selected geographic areas. Palming off-occurs when a retailer represents that merchandise is made by a firm other than the true manufacturer Deceptive advertising-when a retailer makes false of misleading advertising claims about the physical makeup of a product, the benefits to be gained by its use, or the appropriate uses for the product. Bait and switch- advertising or promoting a product at an unrealistically low rice to serve as â€Å"bait† and then trying to â€Å"switch† the customer to a higher priced product. Product liability laws-deal with the seller’s responsibility to market safe products. These laws invoke the forseeability doctrine, which states that a seller of a product must attempt to foresee how a product may be misused and warn the consumer against hazards of misuse. Expressed warranties- are either written or verbali zed agreements about the performance of a product and can cover all attributes of the merchandise or only one attribute Implied warranty of merchantability- made by every retailer when the retailer sells goods and implies that the merchandise sold is fit for the ordinary purpose for which such goods are typically used Implied warranty of fitness- a warranty that implies that the merchandise is fit for a particular purpose and arises when the customer relies on the retailer to assist or make the selection of goods to serve a particular purpose Territorial restrictions-are attempts by the supplier, usually a manufacturer, to limit the geographic area in which a retailer may resell its merchandise Dual distribution- occurs when a manufacturer sells to independent retailers and also through its own retail outlets One way exclusive dealing arrangement-occurs when the supplier agrees to give the retailer the exclusive right to sell the suppliers product in a particular trade area Two way exclusive dealing arrangement- occurs when the supplier offers the retailer the exclusive distribution of a merchandise line or product in a particular trade area if in return the retailer will agree to do something or the manufacturer, such as heavily promote the suppliers products or not handle competing brands. ILLEGAL. Tying agreement-exists when a seller with a strong product or service requires a buyer to purchase a weak product or service as a condition for buying the strong product or service Ethics-set of rules for human moral behavior Explicit code of ethics-consists of a written policy that states what is ethical and unethical behavior Implicit code of ethics- an unwritten but well und erstood set of rules or standards of moral responsibility Chapter 14 Empowerment- occurs when employees are given the power in their jobs to do the things necessary to satisfy and make things right for customers. Servant leadership-an employees recognition that their primary responsibility is to be of service to others. 20% of customers generate 80% of sales value proposition-the promised benefits a retailer offers in relation to the cost the consumer incurs customer relationship management CRM-comprised of an integrated information system where the fundamental unit of data collection is the customer, supplemented by relevant information about the customer erformance appraisal and review- is the formal, systematic assessment of how well employees are performing their jobs in relation to established standards and the communication of that assessment to employees Motivation-is the drive that a person has to excel at activities, such as a job, that he or she undertakes Esprit de corps- occurs when a group of workers feel a common mission and a passion fo r that mission and a pride in being part of the group Fixed component- typically is composed of some base wage per hour, week, month, or year Variable component-is often composed if some bonus that is received if performance warrants Fringe benefit package-is a part of the total compensation package offered to many retail employees and may include health insurance, disability benefits, life insurance, retirement plans, child care, use of an auto, and financial counseling Job enrichment- the process of enhancing the core job characteristics to improve the motivation, productivity, and job satisfaction of employees.

All that Is Gold Does Not Glitter - 1101 Words

Aragorn is the most qualified to bear the ring and cast it into the fires of Mount Doom due to his pure, kind heart, and his immense passion and dedication. Lastly he possesses powerful intellect and knowledge. These character traits would aide him on his journey to demolish and destroy the ring making him the most capable and competent member of the fellowship. It is these very honorable qualities that would best assist him in accomplishing his goal and purpose. In J.R.R Tolkien’s The Lord of Rings: The Fellowship of The Ring, Aragorn was initially presented as Strider, a queer, strange, scruffy, and grubby character who produced a suspicious ambiance at the inn in Bree making the Hobbits extremely cautious, for they perceived him as a†¦show more content†¦Aragorn displays extreme devotion and commitment. He does not loose faith that he can assist Frodo. He spares no effort in trying to assist Frodo in reaching Rivendell, and he helps Frodo meet the Elf Glorfindel. He tries his best to fulfill his duty and responsibility. His passion is extremely deep rooted and this is proven when Aragorn meets Frodo for the first time and says â€Å"I am Aragorn son of Arathorn and if by life or death I can save you I will† (Tolkien 241). He is tremendously dedicated, and forgets about his own life, safety and wellbeing. He will die for the loyalty he possesses for Frodo. This unshakable passion is tested when the Orcs viciously attack the fellowship. This is noted when â€Å"Aragon Slew many (creatures)†¦the Orcs (were) diving under Aragorn’s Blow with the speed of a startling snake...Aragon picked up Frodo where he lay by the wall and made for the stair† (Tolkien 404). Aragorn passes the test and displays strength and zeal when helping Frodo and fighting the Orcs. He also shows immense passion through his awareness and caution as â€Å"he was gazing intently at the sky†¦and the flock of birds at great speed† (Tolkien 3 54). It is this caution that allows him to warn the fellowship of the Crebain. He demands that the fire â€Å"be put out and not lit again† (Tolkien 354). His diligence and awareness saved the fellowship from the Evil Birds. His extreme caution, vigilance and passion prove to be extremely helpful in annihilating dangers that appearedShow MoreRelatedStephen Leacock1418 Words   |  6 Pagesdepartments of our colleges ought to get busy and re-write our national proverbs. They are all out of date. They dont fit any longer. 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