Understanding Market Structures and Competitive Dynamics
Market and Competition
We define the market as a mechanism that encompasses all procurement activities for a particular product or sale by companies and claimants. It forms the basis of market economies and mixed economies, promoting exchange through the free operation of supply and demand.
Perfectly Competitive Markets
A perfectly competitive market is one in which all goods and services are voluntarily exchanged for cash at a price set by the market, resulting from the free functioning of the laws
Read MoreBudget Cycles, Federal Process, and Budget Types
Budget Cycle Fundamentals
What is a Budget Cycle?
A budget cycle is the time frame a budget covers. Companies typically use monthly, quarterly, or annual budget cycles to manage costs and administrative duties.
Purposes of a Budget Cycle
- Helping control costs.
- Making it easier for a finance department to prepare reports.
- Enabling regular variance analyses.
For example, if a production department has a limit on how much it can spend on labor during a quarter, it can better plan its workflow.
Phases of Budgeting
- Preparing
Core Business Strategy Concepts: RBV, Generic & Growth Models
Resource-Based View (RBV)
The Resource-Based View (RBV) is a method for analyzing and identifying a firm’s strategic advantages by examining its distinct combination of assets, skills, capabilities, and intangibles. Key premises include:
- Firms differ fundamentally because each possesses a unique “bundle” of resources.
- Each firm develops competencies from these resources, which become the source of its competitive advantages.
Resource Types:
- Tangible assets: These are the easiest resources to identify
Gold’s Market Research Methods & Diamond’s Stakeholders
Market Research Strategies for Gold
Gold can utilize quantitative and qualitative research to gather market information, using it to identify and maintain customer focus.
Qualitative Research Methods
Qualitative research involves gathering information that can be interpreted in various ways; it is useful for analyzing individuals’ opinions, beliefs, and attitudes. Key qualitative research techniques include:
- Focus group interviews
- Depth interviews
- Observational research
- Projective research
For Gold, a suitable
Read MoreUnderstanding Inflation and the United Nations
Inflation
Definition
Inflation is the general and persistent increase in pricing over time. Various factors contribute to inflation, including increased money circulation leading to higher demand, and rising costs of production factors (raw materials, energy, wages, etc.). A sustained period of low prices is called deflation.
Types of Inflation
- Moderate Inflation: Prices increase slowly. When prices are relatively stable, people are cautious with their money, often placing it in low-yield bank accounts
Understanding Services: Characteristics, Quality, and More
Services: Definition and Examples
Services are deeds, processes, and performances provided, co-produced, or co-created by one entity or person for and/or with another entity or person.
Service Industries and Companies
- Within the service sector, the core product is a service. (Marriott Int. lodging, American Airlines Transportation, Charles Schwab Financial Services, Mayo Clinic Health Care)
Service as a Product
- Represents a wide range of intangible product offerings that customers value and pay for in