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[MGMT 1000] - Final Exam Guide - Comprehensive Notes for the exam (106 pages long!)


Department
Management
Course Code
MGMT 1000
Professor
Kathleen Rodenburg
Study Guide
Final

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UofG
MGMT 1000
FINAL EXAM
STUDY GUIDE

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WEEK THREE LECTURE NOTES:
Competitive Forces: (From Chapter 1 Notes)
PRIVATE ENTERPRISE AND COMPETITION
Degrees of competition:
- Perfect competition
- All firms in an industry are small, number of firms in industry is large, products produced
by different firms are identical.
- No single firm is more powerful so cannot influence prices
- Determined by market supply and demand
- Canadian Agriculture
- Monopolistic competition
- Fewer sellers but many buyers
- Small clothing stores compete with big retailers
- Whatever the size, sellers want to make product seem different from competitors
- Gives seller's control over prices
- Oligopoly
- Industry only has handful of very large sellers
- Big competition because actions of any one firm can affect prices of all the others
- Firms try to avoid price competition because it reduces profits
- Entry into market is difficult because needs large capital investment
- Monopoly
- Market or industry with only one producer who can set the price of its products and or
resources.
- Competition Act forbids most monopolies
- Natural monopolies closely watched
- Supply Management:
- Domestic production quotas are established for commodities
- Producers not allowed to produce more than the quota
- To prevent foreign competitors: high tariffs imposed on imports
- Increases costs to consumers, encourages smuggling, reduces innovation and
inhibits exports yet still continues to exist.
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Monopoly examples:
- Hydro
- LCBO (government regulations to sell)
Where does your industry sit on the continuum?
How do we Identify Competitors?
- In practice any one who produces a substitute product is a competitor
- Substitute Products when
- Similar performance characteristics
- Benefits consumers look for to meet their needs
- Features vs Benefits
- Benefis: the non-physical, emotional and intangible reactions to your
product/service
- Features: a physical, tangible component of your product or service
- Two televisions between same features provide sam benefit
- Similar occasion for use
- Sold in same geographical area
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