ECO 365 WEEK 4 presentation paper - 1403 Words

Differentiating Between Market Structures ECO/365 March 9, 2015 Introduction The concept of market structures and competitive strategies are important when attempting to compete in any market. Understanding what market structure your product falls under can help companies develop better competitive strategies and identify potential for loss and gains. The athletic footwear industry in the United States is highly profitable and continuously growing. In this paper I will identify market structure of the athletic footwear industry, the major retailers, and competitive strategies that can be used to maximize profits. History The Athletic shoe industry had its start in 1892 when U.S Rubber company invented Keds and by†¦show more content†¦The three main competitive strategies are cost leadership, differentiation, and price strategy. Cost leadership focuses on acquiring raw material of the highest quality at the lowest price. In return this company can lower production cost with the goal of being the company with the lowest production cost in the industry. Differentiation strategies allow companies to make their products stand out from the others. Differentiation can be actual or perceived. Actual differentiation occurs when the company creates products that are not available elsewhere. Perceived differentiation takes a lot of marketing and advertisement to convince the consumer that this company’s product is superior. Price strategy includes a variety of strategies that cause a particular product to be marketed at the lowest price possible. Price strategy includes skimming where companies set a high initial price only to turn around and lower it. Bundle pricing occurs when several products are offered for one price. Promotional pricing allows other incentives to buy such as buy one get one half off. Using the pricing strategies causes many consumers to actually purchase more believing that they are receiving a â€Å"deal† while the company is still profiting. Competitive strategies are always used by companies and are often used together. Companies that understand how to combine competitive strategies fare muchShow MoreRelatedCleaning Support Portfolio - Hotel Management12907 Words   |  52 Pagesstructure, the role and activities of maintenance sectors according to establishment categories 2. Plan the work and need of staff in the Housekeeping Sector 3. Justify the choice of products, equipment and material in a hotel applying a sustainable concept 4. Establish effective interdepartmental communication channels 5. Define the optimal capacity of the equipm ent in an OPL 6. Compare the costs of the OPL and out-sourcing 7. Evaluate the impact of cleaning controls on the guest and the staff 8. 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