Different World Markets Essay

It is commonly accepted that marketing strategies play very important roles in most international organizations. Some believe that a company which plans to expand its business and want to be a successful international firm should have very effective marketing strategies. As a number of writers (John, Letto-Gillies, Cox and Grimwade 1997, Ketelhohn 1993, Johnson and Scholes 2002) have pointed out, international marketing strategy is concerned with making important policy decisions affecting the long-time direction of the company. This paper first proposes the importance of international company’s marketing strategy, and then considers how to make a competitive marketing strategy and carry out it in a right way. After that, it will look at how to understand ‘change’ in business environment and what organizations should pay attention to in a changeable market. In the final part, it will focus on a specific international company’s global marketing strategy. Importance of international marketing strategy. Over the years, many definitions of ‘marketing strategy’ have been made and developed, a typical definition was made by Quinn (cited in John, Letto-Gillies, Cox and Grimwade, 1997) who describes marketing strategy as: †¦ the pattern or plan that integrates an organisation’s major goals, policies and action sequences into a cohesive whole. A well-formulated marketing strategy helps to marshal and allocate an organisation’s resources into a unique and viable posture based on its relative internal competencies and shortcomings, anticipated changes in the environment and contingent moves by intelligent opponents. (Quinn 1980:pp3) According to John, Letto-Gillies, Cox and Grimwade (1997), although there were many definitions about marketing strategy, most of them emphasize the same direction in which the organization is developing, where the organization is going, where the organization is or where it should be. In fact, problems mentioned by them are the biggest headache and trouble maker for most international enterprises, thus marketing strategies enable  companies to find out how and where to develop. As Hill (2005) sees the marketing strategy in international business, nowadays, process of the global economy and liberalization of investment environment result in many global markets becoming extremely competitive, in order to get more profit in such an international environment, a company should have a very clear marketing strategy which cares a lot about its position. In all models of marketing strategies, international marketing strategy is a very large part and it affects other part of strategies to a international company in a certain degree. As Manu (1992) has pointed out, more and more organizations take the whole world as their market with the quickening process of globalization in the past decades, the role and effective marketing strategies in different geographic market-places become a greater need for them to analyse caused by the growth in the globalization of business and markets. All these indicate that marketing strategies do have important influence on international enterprise’s performance; therefore an effective marketing strategy cannot be ignored when companies plan to expand their business. How to make a competitive marketing strategy. From the very start, how to make a competitive marketing strategy is always the problem which international companies have to face. As Ketelhohn (1993) has pointed out, a strategic analysis is the most important of all; it starts by setting the generic strategies which are hypotheses in the industry and finding out the main success factors which are related to each strategy. Then consulting teams in the company should check their understanding of those marketing strategies by comparing them with documented facts. Once they are satisfied with those marketing strategies which they think fit their enterprises’ capabilities, they are able to choose consultants and build strengths in key success factors in which the firm is weak by recommending investment projects. All these details should be considered into companies’ marketing strategies, after planning and making marketing strategies, the next important step is taking those marketing strategies into action and managing them in a right way, good strategic management is not only related to one department, but the  responsibility of the whole company, as Johnson and Scholes (2002) see it, ‘marketing strategy is about how organizations perform overall. Since very few individuals sit at the very top of organizations, their experience of, and contribution to, strategic success is from â€Å"below†. They will operate in parts of an organization where their day-to-day work is dominated by issues about that function’. According to them, enabling the success of marketing strategy in action should from the very top managers to individuals lower down as resources and competences which are crucial in this process are controlled by them. ‘Change’ in business environment. Change is accepted widely in our modern life, it also exists in the business environment all the time, according to the research of Drummond, Ensor and Ashford (2003), ‘the phrase â€Å"change is the only certainty† has become something of a business mantra. All organizations are subject to increasing levels of change.’ Actually, every change exists in the market has the original factor which concerned with the environment where international organizations carry out their marketing strategies, Carter (2002) identifies those factors as political factors, economic factors, technological factors, social or cultural factors, legal factors and competitive factors. It is very important for international companies to full understand these various factors and identify the most important kinds of factors which may influence the company and its consumers’ relationship when they carrying out foreign marketing strategies. Peugeot Company was established in France in 1890 and now it has become one of the ten biggest car manufactures in the world. In order to explore the market, Peugeot invested in Guangzhou, China, in 1985, it failed and left China in 1997. The main reason is lack of competitiveness of its products. On the other hand, Dongfeng Peugeot was created in China. From the external environment, four pieces of information are very clear: firstly, China entered into WTO and then cut its tariffs on auto imports. Secondly, China’s car market is booming. Thirdly, personal incomes are increasing. Finally, more competitors are entering into China’s market. By analysing and  summarising Peugeot’s marketing strategies, there are four main marketing strategies related to its operations: firstly, Peugeot tries to improve the quality and design and find out the acceptance of Chinese marketplace. Secondly, it cuts prices to boost sales. Thirdly, it offers an effective on-line sale channel. Finally, it tries to improve customer service all the time. In conclusion, there is no doubt that marketing strategy plays a crucial role in international enterprises. Making an effective global marketing strategy is a good beginning, carrying out the marketing strategy in a proper way is very essential in the globalization process, understanding the market’s change and identifying problems which is related to a company are also very important in carrying out the marketing strategy. All these steps are linked with one another; they are key points relating to the marketing strategy which is really necessary in international organization. References: Cater, S (2002) International marketing strategy. London: Elsevier Science Ltd. Drummond, G., Ensor, J,. and Ashford, R (2003) Strategic Marketing Planning and Control. London: Butterworth-Heinemann Publications. Hill, C.W.L (2005) International Business. New York: The McGraw-Hill Companies. John, R., Letto-Gillies, G., Cox, H., and Grimwade, N. (1997) Global Business Strategy. London: International Thomson Business Press. Johnson, G. and Scholes, K (2002) Exploring Corporate Strategy. Edinburgh: Pearson Education Limited. Ketelhohn,W(1993)International Business Strategy.London: Butterworth-Heinemann Ltd. Lasserre, P (2003) Global Strategic Management. New York: Palgrave Macmillan Houndmills. Manu, F.A. (1992), â€Å"Innovation Orientation, Environment and Performance: A Comparison of U.S. and European Markets,† Journal of International Business Studies, 23 (2), 332-59.

A Secret Weapon for Internship Reflection Paper Essay

A Secret Weapon for Internship Reflection Paper Essay Although reframing is crucial in many conditions, the aim of counseling is life improvement. You just have to share an experience. If you need assistance, just ask! The Seventeen Days program is quite unique as it is a video based and interactive intervention in which girls have the capability to tailor the intervention to target their personal needs. If you draw proper conclusions, you will demonstrate the high degree of understanding what you've depicted in your story. It is critical to select the right words and phrases while reflecting your ideas and showing what you feel. Emphasize on reflection in place of a summation. Keep it in memory and take some notes to have the capacity to select an acceptable topic and finish your assignment. On occasion, you might be missing some excellent suggestions for your reflective essay topics. From time to time, you could possibly be requested to compose a reflective essay. By w ay of example, after completing an internship, you might be asked to compose a reflection essay on such experience. A fantastic reflective essay may be a fantastic reflective essay with the appropriate planning. If you like your employer and you've done a nice job, the internship can lead to an offer of full time employment. For instance, if you analyzed an industry as a portion of your internship, describe what you learned about the business. Though co-op programs aren't the only means of improving the standard of practice of future pharmacists, they're an important step in the proper direction, providing pharmacy students with a better knowledge of the pharmacy world. A comprehensive understanding of guidelines governed by the State of Ohio will be found. Even if the internship doesn't lead to a work offer, it provides you practical experience and improves your resume. They may also have the opportunity to provide nutrition and health fair programs to the community. The I ntern will finish an important project as assigned in this rotation to satisfy competency standards. Interns within this rotation might have the chance to observe a high-risk shipping or surgery. In experiential learning and internships, the actual learning comes afterthe work term when you've got a chance to consider about what you saw and experienced. Strong emphasis is put on learning the pathophysiology of disease states in regard to nutritional therapy. As soon as it is your duty to track down an internship, there are an assortment of methods to come across a position. It is essential for folks to involve themselves in internship programs as a way to be in a position of understanding the important part of the job. On one specific occasion, one of our diabetic patients was planning a visit to a tropical destination where he wouldn't have accessibility to a fridge because of his insulin for no less than a week. My personal IT skills are becoming updated every single day. A suitable start sufficiently increases your odds of success. How to Choose Internship Reflection Paper Essay When you make an outline, you are going to have clearer view of the additional evoluti on of your literature work. The investigative issues portrayed within this report have been facilitated by the usage of journals, and the several reports given by authors of distinct newspapers. The report is an official business report. Therefore, the procedure for writing will turn out to be much simpler. We become mindful of our existence along with the significance of life and all the things which surround us. The very first thing I realized was that communication is usually a crucial element to success. Verify the body paragraphs center on providing appropriate reflection and critique. To compose a reflective short essay, you have to have the proper disposition together with the momentum. Finding the Best Internship Reflection Paper Essay While I was having my main pressure of serving an extremely significant level people but that is among the best opportunities whom I think not many students will be experienced for their very first internship. Not many college stud ents know the things that they need to do, and it's something which is just not worth worrying about. We guarantee you will get much better grades with us! Not simply the 2nd graders. Internship Reflection Paper Essay: the Ultimate Convenience! You will require a lot of things to contemplate, reflect and explain. You could learn a good deal and find some wonderful ideas. It was interesting to find the other side of the company and I gained lots of valuable experience from that. The great thing is there is going to be a distinct convenient process throughout the obstacle. Choosing Internship Reflection Paper Essay You can find out a lot about office etiquette procedures from the ones who've been there for twenty decades. It may also supply a document that future interns can examine as a way to find out more about the corporation. If you own a mentor, look at discussing these questions with your mentor to acquire their perspective. My paralegal internship taught me the b est way to get together with unique folks well, how to ask questions when I didn't understand something and the way to communicate nice and bad news to attorneys.

What Financial Planning Can Help People Plan For The Future

Larson, Brian talks about what financial planning is and how to help people plan for the future. How many of you want to be able to go to college and be able to pay it off? Long term financial planning is what people do when they are getting older and thinking about graduating. The key word here is ‘Long-Term’ this means that you will need to start planning now rather than later. The sooner you start the better off you will be. This will mean that when you get older you will have enough money to pay off college loans and sustain yourself. This can be a hard thing to do and that is why there are people who can help you plan for the future and save money so that you won’t go broke after four or more years of college. So, the first thing we need to discuss is what long term financial planning means. Long term financial planning is when you decide how much money you have now and how much money you want to have after college or for retirement. Once you know that inform ation, you must create a plan to decide how much money you will need to save in order to accumulate assets. I will be discussing what long term financial planning is and how to get started. I know that many of you already know, when it comes to money, it gets very complicated. There are 401(k)’s and IRA’s and much more. Our problem is that we have no idea what any of these things mean. That is why I am here today. I want to share with you some information on what it means to plan for the future and how to getShow MoreRelatedManagerial Accounting1152 Words   |  5 PagesManagerial Accounting Accounting is a crucial part in running a business. There are various forms of accounting that can be used, it is very important to know which technique is best to use for what companies. Once you figure out a particular technique to use, it is important to keep an open mind if there are any changes that need to take place in the business. By keeping an open mind helps the business adjust and be able to make the right decisions. Every business wants to make a profit; accounting isRead MoreDiscuss the Significance of Strategic Planning971 Words   |  4 Pagessignificance of Strategic Planning to organizations Introduction In discussing the significance of Strategic Planning it is important to clarify the process, though complex, in a definable manner. (i) â€Å"The GUIDING MEMBERS of an organization ENVISION its future and develop the necessary PROCEDURES and OPERATIONS to achieve that future. The strategic plan sets the stage for creating the marketing plan and the financial plan. The risk analysis section of the strategic plan includes the developmentRead MoreThe Budget Process1747 Words   |  7 PagesIntroduction A budget is a plan that outlines an organizations financial or operational goals. It is an action plan. It helps a business allocate resources, evaluate performance, and formulate plans. 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Many may wonder why companies are always having business meetings or conferences; it is because everyone in that company must be on the same page, if not, then there are some issues that need to be addressed and solvedRead MoreManagers Need to Know how to Budget1862 Words   |  7 Pagesabout finance can help managers and leadership significantly because it allows them to understand the needs for budgeting. This revolves around income statements, balance sheets, cost of goods and earning statements. I have learned more information on how budgeting, if done corr ectly, can help reduce debt significantly. Knowing the important functions and goals of financial management can help organization thrive because their leadership and department managers understand the issues that can arise from

The Causes And Treatment Of Dialysis - 1280 Words

DIALYSIS Being one of the eight leading causes of death in the United States, kidney disease is very life threatening. Many people carry on day-to-day routines with no knowledge of the signs to be aware of when developing kidney failure. The two main causes of kidney failure are high blood pressure and diabetes. For people with kidney failure, options for treatment become dialysis or to receive a kidney transplant. Since the process for a kidney transplant could take years, many people choose to receive dialysis treatment. The process of dialysis serves as a substitute for the kidneys and clinically flushes the blood of any impurities. The process of dialysis evolved in the twentieth century. After watching a man die due to kidney failure, Dr. Willem Kolff (father of dialysis) discovered the first artificial kidney. In 1943, Dr. Kolff’s mission to invent the first artificial kidney was a success. During the era, of World War II, the artificial dialyzers helped save many soldier’s lives. Because of this great invention, many kidney patients were able to live longer which gave them a greater chance of survival. Because dialysis changed the life expectancy of the patients, many were able to receive transplants. The first kidney transplant was performed in the early 1950’s. Since this invention was created, many technological improvements have come along which is making it possible for the people effected by kidney disease to live long, meaningful lives. Acute renalShow MoreRelatedDiabetic Nephropathy : An Irreversible Kidney Failure843 Words   |  4 PagesDiabetic nephropathy, an irreversible kidney failure, continues to be the most common cause of end stage renal disease requiring either a kidney transplant or renal replacement therapies, such as dialysis (Bilous, 2013). 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The Landlady Free Essays

1. 0 The Landlady Summary The story is about a traveler, Billy Weaver who had never been to Bath. As he tried to find a place to stay, a porter suggested him The Bell and Dragon. We will write a custom essay sample on The Landlady or any similar topic only for you Order Now As he walked down the road, a strange thing happened and he found himself ringing the bell of Bed and Breakfast. A woman was standing in front of the door with a warm welcoming smile. He agreed to stay for five and sixpence a night. The place was seldom visited but the landlady seemed to be ready for a visitor. She reminds him to sign the guestbook. When he jotted down his name and address on the page, there were only two familiar names above his and somehow he felt that both names were connected to each other. Billy felt weird when she described one of them for his non-blemish body. He founds to remember them in the headlines of newspaper for missing persons. He noticed that her eyes resting on his face the whole time. The old lady told him that she stuffed all her pets like what he saw earlier, the parrot and dachshund, in perfect shape as alive by herself when they died. . 0 Personal Response I find The Landlady to be a very interesting story. The storyline is well built. In my opinion, the writer is a genius as he managed to attract me to finish the story from the second I started reading it. The theme of the story is, do not judge a book by its cover. It means that there is always more than just meeting the eyes. In this story, the writer alters my first impressions of the landlady, from a kind lady to a psychopath, through a series of subtle twists and turns. The elements of horror within the story are not explicit but the set up of the story portrayed it excellently. I can tell that the genre of the book is mystery where some of the ingredients of a horror story are set in place like the cold and uneasy atmosphere. It makes me become more curious on what happens next throughout my reading. I have to work out what is really happening by considering a number of subtle hints given at various stages of the action such as why Billy is attracted so much to the Bed and Breakfast, what happened to the two other guests and what will happen to Billy. The main character of the story is The Landlady. She is about fifty years old. At first, she seemed to be a warm person, but gradually, I started to notice there was something fishy about her. At the end, I was surprised to found out that she was indeed a psychotic murderer. This is shown when Billy remembered the previous two names in the guest book of the boarding house, were once in the headlines of the newspaper for missing persons. I learned that we should not judge people only from their appearance and do not trust strangers. At the beginning, I thought that Billy Weaver was the main character. He is a seventeen-year-old traveler from London. He was very brave to travel alone without any proper planning to a completely strange place where he has never been to. One of the key pieces of advice to travel is to plan our journey well. The author leaves the ending of the story hanging to encourage readers to use their own imagination to solve the mystery. In my opinion, Billy will end up just like the previous guest of The Bed and Breakfast, being murdered and preserved. (401 words) How to cite The Landlady, Essay examples

Schedule Driven Project Free-Samples for Studetns-Myassignmenthelp

Question: Engineering projects are generally cost-driven, schedule-driven or a combination of both. Schedule driven projects have not been regarded highly by some project performance analysts. However, a large Design and Construct Contractor in Australia recently expressed the view that the key Driver for successful projects is that they be schedule driven and appropriately coordinated rather than be cost-driven. However, the references below infer that schedule driven projects may not be the way to go. Do you agree or disagree? Answer: The Large Australian design contractor is saying that the schedule driven project will play a significant part than cost driven project. But according to the research of Industry Benchmarking Consortium is suggesting that schedule driven project will not play a vital role as cost driven project (Merrow 2011). The reason behind this is schedule driven project will be incurring high costs, overrunning of cost and incident regarding safety. But according to me, I am with the Australias largest contractor. I think that schedule driven project will play a vital role and will be the key driver. The reasons to agree are stated as follows: Schedule Driven Project is a venture that is performed and overseen under the superseding limitation of time. The administration procedure of such a venture is chiefly in light of the last conveyance date. It really implies that time turns into the key condition for settling on venture administration choices (Frango 2017). Time booking will be the organized action among different exercises, (for example, staffing, planning, quality control and so on.) of the venture administration handle. A venture progresses toward becoming calendar driven when either the support (a man/association putting reserves in the venture) or the client (a man/association expected to utilize/devour the venture's item) decides time as the centre limitation of the usage procedure. The group is permitted to use however many assets as could be expected under the circumstances to execute the venture and make the item inside the coveted conveyance date. Schedule driven projects contrast from asset driver ventures. An asset driver extend has a tendency to expend assets in ideal way since accessibility, quality and amount of venture assets (work force, reserves, innovation and so on.) are viewed as the abrogating imperative. In this manner, the time term of such a venture can be extended as much as required until the venture stays inside the predominant limitation of assets. Schedule driven project provides benefits for managers in the following ways: Defining the Scope- The appropriate schedule template will help to provide good definition of project scope. Scheduling can be used as a primary tool by executives for determining the durations as well as task dependencies. It will help them in relating with the structure of work breakdown. The requirement of time for a job could be estimated accurately. Progress Review- The schedule template could be use effectively to share data related to time with team members as well as higher stakeholders. It helps in communicating and knows about work progress (Yaghootkar and Gil 2012). The project issues are been focused by the reviewers as well as the impact of schedule performance. Compliance with policies and procedures of business- Schedule driven project helps in realizing the objectives of business in a systematic way. It helps in aligning the projects along with procedures as well as policies of organisation. Executives have the option to use templates for complying with the activities of project with the required strategies. Creating schedules for programs- Program administration includes a few or more administrators in overseeing related undertakings running parallel. The test here is that the administrators need to precisely arrange and assign assets between the activities so as to keep arrangement with the whole program. Precise booking lets address the test by recognizing asset accessibility, synchronizing venture exercises and making a solitary calendar for the program. Asset bottlenecks as well as time requirements can be maintained a strategic distance from. Schedule Driven Project also provides benefit for the stakeholder as well as team in following ways: Communications flows in a streamline in between stakeholders when there is a development and of schedule. Establishing of effective streamline communications between the team and stakeholders exists. Allocation of resource: Numerous associations run parallel ventures, and for PMs it winds up plainly difficult to apportion resources to the undertakings and operations and to get ready for the pinnacles and troughs of day by day exercises. Extend plan format guarantees some bit of consistency around asset assignment; giving the administrators enhanced visualise into the request from their synchronous activities (Holler et al. 2014). Unexpected changes being managed- The group is secured against circumstances when the partners (the client or support) need to ask for a startling change that can't be obliged in the workplace without unnatural practices. The venture plan decides a correct course of events with particular activities that must be done, while any surprising change ought to be overseen in like manner all through the change administration handle (Kerzner 2013). Right Focus- When team is stuck in an important task at that schedule driving project provides a template that exhibits schedule of project. It helps the team to move on to the next part of project and therefore the work continues in a streamline path (Grau and Back 2015). The above stated advantages can make schedule driven project to be a significant driver. References Frango, R. (2017). Schedule Driven Projects | Project Controls - planning, scheduling, cost management and forensic analysis (Planning Planet). [online] Planningplanet.com. Available at: https://www.planningplanet.com/blog/schedule-driven-projects [Accessed 19 Apr. 2017]. Grau, D. and Back, W.E., 2015. Predictability Index: Novel Metric to Assess Cost and Schedule Performance.Journal of Construction Engineering and Management,141(12), p.04015043. Holler, R., Culling, I., Delwadia, R., Mamut, P., Crowe, M., Hanson, D., Boudreaux, P., Gilkerson, D., Farr, E. and Odenwelder, J., Versionone, Inc., 2014.Methods and systems for performing project schedule forecasting. U.S. Patent 8,875,088. Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Merrow, E.W., 2011.Industrial megaprojects: concepts, strategies, and practices for success(Vol. 8). Hoboken, NJ: Wiley. Yaghootkar, K. and Gil, N., 2012. The effects of schedule-driven project management in multi-project environments.International Journal of Project Management,30(1), pp.127-140.

Monopolistic competition as a market structure

A Monopolistic competition is a market structure which is identified through the large quantity of comparatively small firms with the products of the firms being similar with only a slight variation to differentiate them. Therefore, the similarity in products makes the firms that exist in a monopolistic competition to be very competitive.Advertising We will write a custom essay sample on Monopolistic competition as a market structure specifically for you for only $16.05 $11/page Learn More However, due to the fact that each of the firms has a slightly unique product compared to the rest of the firms, then each firm has a specific consumer and hence each of the firms maintains market control to a lesser extent. Examples of monopolistic competition include restaurants and clothing stores. Features of a Monopolistic competition There are basically four features that are used to identify a monopolistic competition. The first feature is the noticeable large a mount of small firms which leads to the production of comparable products which are however not alike in detail (Ison Wall, 2006). The mobility of a monopolistic competition is more or less excellent but it does not amount to the ideal resource which therefore makes it widespread but not perfect in comprehension of products to the consumer. Large Number of Small Firms In a monopolistically competition, almost every production business has a large number of small firms (Ison Wall, 2006). The size of each of the firms is comparatively small when compared to the extent of the market as a whole. This therefore means that all the active firms more or less compete against each other for consumer attention and since the firms are many and are all successful in producing the needed products, then each of the firms controls a small market share thus have limited control over the market price or the number of products in the market (Colander, 2008). Relative Resource Mobility Firms in a mon opolistic competition are free to go into or go out of a production business venture especially when compared with a perfect competition or a monopoly (Pindyck Rubinfeld, 2001). The rules governing the operation and the general business of the firms in a monopolistic competition are relatively few or none. Such firms are for the most part free of government interference, a standardized system, operational policy and are at liberty to raise their own capital and endure start-up costs without facing any stern obstructions from the government or other firms (Ison Wall, 2006). This therefore makes the firms less mobile in an ideal threshold especially when compared with the mobility of a perfect competition.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Extensive market Knowledge In monopolistic competition, consumers have reasonably comprehensive knowledge about the prices of different pro ducts as well as the fairly complete information regarding the subtle differences in the products for example color, brand names among others(Pindyck Rubinfeld, 2001). On the other hand, sellers of the products also have reasonably inclusive information in relation to production methods which affect prices and hence sellers are also aware of the prices of their competitors’ products (Pindyck Rubinfeld, 2001). Similar Products The firms in a monopolistically competitive market produce analogous products which are however not completely identical (Colander, 2008). This makes each of the firms and the products to aim at satisfying very similar basic want or need. Therefore, the products that are put into the market by these firms are near proxies and are very comparable but are nevertheless not perfect substitutes (Ison Wall, 2006). Even though the products might in actual sense have substitutes or slight physical differences, consumers of the products are the only ones who m ight perceive them to be different because the similarities between the products are usually more than the differences (Pindyck Rubinfeld, 2001). Therefore, firms in a monopolistically competition at any given moment have a great number of potential competitors since the products are usually almost the same and at the same time have a great number of potential consumers who are currently buying the competitors’ products. Reason why monopolistic competitive firms can only make normal profits in the long term A firm in a monopolistic competition increases on the profit by opting for the output that creates the maximum difference between the total income line and the total cost line. However, over the long run, a firm produces less output and charges a higher price which is even greater than its marginal cost (Pindyck Rubinfeld, 2001). The difference in price and marginal cost effectively goes against the vital order of efficiency because income is not being utilized to create the utmost level of consumer satisfaction. The graphs in Figure 1.1 represents the trends of such;Advertising We will write a custom essay sample on Monopolistic competition as a market structure specifically for you for only $16.05 $11/page Learn More Fig 1.1: Marginal Revenue Curve and Operational Barrier Curve by (Chamberlin, E. 1999). TC= Total Cost TR= Total Revenue This leads to inefficiency which is basically caused by the minimal market control monopolistically competitive firms have over the overall market, and hence most of the firms experience a negatively-sloped demand curves where price is greater than marginal revenue where the price is placed equivalent to marginal cost in order to maximize profit (Figure 2). Therefore, as firms continue to receive income through sales, the income is translated into production in order to produce more goods of higher quality to satisfy the market needs (Ison Wall, 2006). Furthermore, monopolistic compe titive firms can only make normal profits in the long term because they only control a small portion of the market which cannot be expanded due to the presence of several competitors (Colander, 2008). If the firm were to produce superior quality goods, then the cost of production would be at a similar ratio to the percentage sales hence the profits will be normal in the long run.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion A Monopolistic competition is the toughest yet most common market structure due to its relatively unregulated mode of operation. It is also quite simple to establish a firm in a monopolistic competition as compared to other market structures. Firms that operate in a Monopolistic competition each have a small portion of the market in their control and hence due to the dissimilarity in product, neither of the firms has control of the price of the products hence the price becomes market driven. References Chamberlin, E. (1999). A Supplementary Bibliography on Monopolistic Competition. The Quarterly Journal of Economics, Vol. 75, No. 28, pp. 629-638. Colander, D. (2008) Microeconomics. 7th Ed. London: McGraw-Hill. Ison, S. and Wall, S. (2006) Economics. 4th Ed. New York: Financial Times in assoc with Prentice Hall. Pindyck, R Rubinfeld, D. (2001) Microeconomics. 5th Ed. New York: Prentice-Hall. This essay on Monopolistic competition as a market structure was written and submitted by user Mae M. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.