eco 561
cja 363 - This scenario was rather difficult to follow. Not having much experience in the business world, I wasn’t too sure how to pursue in dealing with a competitive market. Staying a head of the competition and finding ways to have your company stand out are vital to the survival of the business. The scenario involving Quasar was a great learning experience of just how difficult it can be.
cja 304 - In a Monopolistic market Quasar needs to invest in bettering their technology “glitches” rather than passing the costs to their consumers.
eco561 - In a market such as a monopoly, if the price of the item, or in this case the Neutron was to increase the demand for that product would decrease causing the profits of Quasar to decrease as well. In the scenario we had to determine if Quasar should implement something that would fix their deficiencies with the Neutron or if that cost should be passed to their consumers. I had chosen to invest the 500 to 600 million to fix the problems instead of passing the cost to consumers. I thought that if the price was to increase, on the already expensive product, people would not be able to afford it and they will not want to purchase something that does not work to its full potential.
In an Oligopoly market it is important for Quasar to stay comepetive in priceing to even out the market between the Neutron and Orion. We were asked in the simulation to determine the costs and see how that affected the market. I struggled in this area as I wasn’t sure what to do. When there is one other company competing with a similar product there has to be something that sets you apart from them. Usually this will involve price. It is important to keep the market as equal as possible. In an Oligopoly market Quasar could invest in a marketing plan or a research plan that will predict where the market is going and the needs of the consumers to accurately price the Neutron in comparison with the Orion. eco 561
eco 561
cja 304 - In a Monopolistic market Quasar needs to invest in bettering their technology “glitches” rather than passing the costs to their consumers.
eco561 - In a market such as a monopoly, if the price of the item, or in this case the Neutron was to increase the demand for that product would decrease causing the profits of Quasar to decrease as well. In the scenario we had to determine if Quasar should implement something that would fix their deficiencies with the Neutron or if that cost should be passed to their consumers. I had chosen to invest the 500 to 600 million to fix the problems instead of passing the cost to consumers. I thought that if the price was to increase, on the already expensive product, people would not be able to afford it and they will not want to purchase something that does not work to its full potential.
In an Oligopoly market it is important for Quasar to stay comepetive in priceing to even out the market between the Neutron and Orion. We were asked in the simulation to determine the costs and see how that affected the market. I struggled in this area as I wasn’t sure what to do. When there is one other company competing with a similar product there has to be something that sets you apart from them. Usually this will involve price. It is important to keep the market as equal as possible. In an Oligopoly market Quasar could invest in a marketing plan or a research plan that will predict where the market is going and the needs of the consumers to accurately price the Neutron in comparison with the Orion. eco 561
eco 561