STEPHEN DJOKOTOE - WK2 - ASSIGNMENT:

Assignment Due Date: Latest by June 18, 2015 - 2:00 PM.

FORMAT: Single Spacing, 1" Margins, Title Page, Font size 12, References - APA. insert graphs/diagrams/charts where necessary to illustrate a point (e.g. demand and supply curves in a monopolistic/oligopolistic market structure), total pages 5 excluding title page and references. NO RUNNING HEADER.

Assignment Details:

  • ECONOMICS FOR MANAGERIAL DECISION MAKING.

Examine the role and behavior of firms in a monopoly, oligopoly, monopolistic competition, and perfect competition market structure based on the following questions. Use graphs/diagrams/charts for illustration where necessary. Answer each question separately:

  1. Define each type of market (monopoly, oligopoly, monopolistic competition, and perfect competition). Be sure to paraphrase information in your own words and cite your sources. (Paper is subject to check for plagiarism).
  2. Describe the competitive advantage / unique resources Quasar Computers possesses in the monopoly market scenario. To this end, describe why intellectual property rights are important in a capitalistic market system. How might a firm hedge against an expiring patent so they can maintain some sort of competitive advantage into the future?
  3. In an oligopoly firms try to avoid competing on prices, and probably try to avoid competing in other aspects to the marketing mix (products, promotion, placing). Is this possible in this market scenario?
  4. Ina monopoly scenario, the firm does not need to worry about generic strategies. However, as firms move through successively more competitive market structures. they need to consider which type of generic strategy to implement. After referring to Porter's Generic Strategies in the MBA Reference Guide, comment on which strategy you recommend depending on the oligopoly, monopolistic competition, and perfect competition scenarios. Please make sure to justify your answers.
  5. Consider the perfect competition scenario. After reading Porter's Five Forces that is included in the MBA Reference Guide,rate each of the forces as high-medium-lowand justify your rankings. In a perfect competition scenario, is the computer industry attractive? Why' or why not?

Resources:

  • YouTube - The Five Competitive Forces That Shape Strategy.
  • YouTube - How to Develop Competitive Advantage
  • Harvard FSS: Crafting Business Strategy and Environmental Scanning.

Resources:

MBA Reference Guides.

  • Competitive Advantage.
  • Porter's Five Forces.
  • Porter's Generic Strategies.

visit:/ - found under strategy.

Required Reading:

  • Porter, Michael E. The Five Competitive Forces That Shape Strategy.
  • Grant, Robert M. The Resource Based Theory of Competitive Advantage. Implications for Strategy. (Formulation. California Management Review, Vol. 33, Number 3, Spring 1991).

Other support /reading materials are attached.