Market Structure: Different Industries Answers Assessment Answer

Answer:

Introduction:


In a country’s economy, different industries have different structures. This report discusses the market structures in the context of Australia. It analyses various market structures such as perfect market competition, oligopoly market, monopoly market, monopolistic market, and duopoly market (Krause et al, 2012).  Furthermore, it discusses about the oligopoly, monopoly and monopolistic market in Australia. These market structures drive the companies to treat the different market condition differently. A market structure shows the level of competition between the different sellers in market. Structure of market for goods as well as for services determines the competition level in the market (Fitzgerald and Haller, 2014). The market structure shows all the necessary sides of the market. It shows the nature of the product, entry and exists of the company, and market potential. Apart from this, companies have to study these market structures to formulate their marketing strategies with a view to subsist ever long.

A monopoly is a type of a market in which there is only a single producer of the commodity. Because of this, the seller is the King of the market and has relatively less competitors in the market. A single seller can create barriers for potential competitors using copyright, patent, and trademark. It is a market situation where only a single firm is the leader of the whole market (Lambert and Kwon, 2015). Monopoly market is completely opposed of the perfect competition market.

The Quasar computers enjoyed the monopoly of Australian market. Quasar computer was launched an optical notebook naming ‘Neutron’ with a unique characteristic in 2003. Quasar got a patent right over the optical notebook for getting the power of monopoly in the market (Baldwin and Scott, 2013). These computers have energy saving optical technology and the batteries are rechargeable, which can be last to three days. Quasar computer enjoyed the monopoly for three years by using price-skimming strategy.

Quasar was selling a unique product that I has a patent on, which gives them the advantage of enjoying the monopoly. A monopoly also results when the consumers do not have a choice other than that. It is not so easy for new or another firms to entry in the monopoly market. Quasar decided the price of the product by using price-skimming strategy. Due to monopoly, the firm can set pricing of the goods according to their benefits.   The demands of the Quasar product were high because no one else was selling products resemblance to the optical notebook.

An oligopoly is a prime example of imperfect competition. In Oligopoly market, the seller of the product is the key person of the industry, which drives the prices to rise (Tyers, 2015). Oligopoly market is one of the popular types of the market in Australia, in which there is only a few numbers of the large firms with a huge market sharing.

In Australia, many examples are there for this type of the market structure. The automobile sector is also deal in an oligopoly market. In this, sector some of the companies controlling the entire market such as Holden, Toyota, Hyundai, Ford and Mitsubishi. Holden is one of the car manufacturing companies of Australia. Holden car is founded in the year 1856 in Australia. Toyota gives tuff competition to the Holden. In the year 2013, Toyota became the highest seller of cars, defeating Holder in Australia. Holder uses pricing strategies to compete with the Toyota. 

Advertising plays a very vital role in oligopoly market. Good advertising can able to grab the attention of the public and it tempts the consumer. Holden car uses advertising technique to face the competition effective (Dickenson, 2012). The company uses advertising its products with mass media, which includes television, radio and newspaper publishers.

Monopolistic competition is a situation in which there are few sellers and a large number of buyers. Monopolistic competition is a market, where the company has many competitors selling slightly different products (Huck et al, 2016). Packaging and display are two important aspects, which differentiate the goods of the companies. Advertising is the key factor that differentiates among companies products. Along with this, monopolistic competition imparts the benefit to sellers, which is ‘brand loyalty’. The customer picks the brand providing better satisfaction over others.

The coffee industry in Australia is one of the great examples of monopolistic competition. There are many of the coffee shops such as Costa coffee, Café Nero, and Starbucks, which are leading in the market (Muller, 2012). These companies give a tight competition to each other in the market. These companies selling the similar product but differs in their coffee cups, ingredients and presentation. To differentiate themselves from their competitors, Starbucks uses different types of beans, Costa uses speedy services and Café Nero provides quality services to their customers. Differentiation is the key factor in the monopolistic market and each of the firms uses differentiation techniques to compete with their competitors in the market. 

From the above essay, it can be concluded that there are different structures of the market. In each structure, companies develop strategies and treat the market differently.  In Australia, mainly oligopoly, monopoly, and monopolistic competition are prevailing. Monopoly market allows the Quasar Computers to charge high price from the customers in Australia. Oligopoly market gives a stiff completion between the companies due to the similarity of product or services. At the same time, the monopolistic competition gives a condition where the sellers sell their product with slight differentiation in terms of pricing, product ingredients, packaging, and labeling. 

Reference

“Monopolistic Competition: Coffee Industry.” Google.  Last modified September 28, 2012. https://prezi.com/i4vsfq5trnrf/monopolistic-competition-coffee-industry/.

Baldwin, William, and John Scott. Market structure and technological change: Economics of technological change: 2 Volume 18 of Fundamentals of pure and applied economics. reprint. UK: Taylor & Francis, 2013.

Dickenson, Jackie. "The past in Australian advertising, 1906–2010." Journal of Australian Studies 36, no. 1 (2012): 65-79.

Fitzgerald, Doireann, and Stefanie Haller. "Pricing-to-market: evidence from plant-level prices." The Review of Economic Studies 81, no. 2 (2014): 761-786.

Huck, Steffen, Gabriele K. Lünser, and Jean‐Robert Tyran. "Price competition and reputation in markets for experience goods: An experimental study." The RAND Journal of Economics 47, no. 1 (2016): 99-117.

Krause, Michael U, and Harald Uhlig. "Transitions in the German labor market: Structure and crisis." Journal of Monetary Economics 59, no. 1 (2012): 64-79.

Lambert, Thomas E, and Edward Kwon. "Monopoly capital and capitalist inefficiency." International Review of Applied Economics 29, no. 4 (2015): 533-552.

Tyers, Rod. "Service Oligopolies and Australia's Economy‐Wide Performance." Australian Economic Review 48, no. 4 (2015): 333-356.

Download Sample Now

Earn back money you have spent on downloaded sample



Upload Document Document Unser Evaluion Get Money Into Your Wallet



Cite This work.

To export a reference to this article please select a referencing stye below.

Assignment Hippo (2022) . Retrive from https://assignmenthippo.com/sample-assignment/market-structure-different-industries-answers-assessment-answer

"." Assignment Hippo ,2022, https://assignmenthippo.com/sample-assignment/market-structure-different-industries-answers-assessment-answer

Assignment Hippo (2022) . Available from: https://assignmenthippo.com/sample-assignment/market-structure-different-industries-answers-assessment-answer

[Accessed 17/05/2022].

Assignment Hippo . ''(Assignment Hippo,2022) https://assignmenthippo.com/sample-assignment/market-structure-different-industries-answers-assessment-answer accessed 17/05/2022.



Buy Market Structure: Different Industries Answers Assessment Answers Online

Talk to our expert to get the help with Market Structure: Different Industries Answers Assessment Answers from Assignment Hippo Experts to complete your assessment on time and boost your grades now

The main aim/motive of the finance assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignment help Australia. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks. The experts of the assignment help services at www.assignmenthippo.com are so much skilled, capable, talented, and experienced in their field and use our best and free Citation Generator and cite your writing assignments, so, for this, they can effectively write the best economics assignment help services.

Get Online Support for Market Structure: Different Industries Answers Assessment Answer Assignment Help Online

Want to order fresh copy of the Sample Market Structure: Different Industries Answers Assessment Answers? online or do you need the old solutions for Sample Market Structure: Different Industries Answers Assessment Answer, contact our customer support or talk to us to get the answers of it.

Assignment Help Australia
Want latest solution of this assignment

Want to order fresh copy of the Market Structure: Different Industries Answers Assessment Answers? online or do you need the old solutions for Sample Market Structure: Different Industries Answers Assessment Answer, contact our customer support or talk to us to get the answers of it.


Submit Your Assignment Here

AssignmentHippo Features

On Time Delivery

Our motto is deliver assignment on Time. Our Expert writers deliver quality assignments to the students.

Plagiarism Free Work

Get reliable and unique assignments by using our 100% plagiarism-free.

24 X 7 Live Help

Get connected 24*7 with our Live Chat support executives to receive instant solutions for your assignment.

Services For All Subjects

Get Help with all the subjects like: Programming, Accounting, Finance, Engineering, Law and Marketing.

Best Price Guarantee

Get premium service at a pocket-friendly rate at AssignmentHippo

FREE RESOURCES

  • Assignment Writing Guide
  • Essay Writing Guide
  • Dissertation Writing Guide
  • Research Paper Writing Guide

FREE SAMPLE FILE

  • Accounts
  • Computer Science
  • Economics
  • Engineering

Client Review

I was struggling so hard to complete my marketing assignment on brand development when I decided to finally reach to the experts of this portal. They certainly deliver perfect consistency and the desired format. The content prepared by the experts of this platform was simply amazing. I definitely owe my grades to them.

Tap to Chat
Get instant assignment help