Essay on Four Market Structures in Australia - 865 Words

NAME: LKHAGVASUREN KHURELBAATAR ID: EMV 20110 ------------------------------------------------- Individual Essay Four Market Structures in Australia. NAME: LKHAGVASUREN KHURELBAATAR ID: EMV 20110 ------------------------------------------------- Individual Essay Four Market Structures in Australia. Introduction Market structure reflects all the most important aspects of the market - the number of firms in the industry, the type of product produced, the possibility to enter and exit of firms, number of customers, the ability of a single firm to influence the market price. The lower the firms ability to influence the market, the more competitive the industry is considered. In the limiting case where the degree of†¦show more content†¦The main objective of marketing in a monopoly - to control the market and to maintain the uniqueness of the product. Examples of companies in Australia: Telstra, Energy Aus. 2. Oligopoly occurs when a small number of suppliers control a significant share of supplies. In this case, each of the suppliers to take into account the reactions of other suppliers to changes in market activity. Products manufactured oligopoly may be homogeneous, e.g., aluminium or differential such as cigarettes and automobiles. For example, due to the fact that it requires a huge financial cost, very few companies can afford to enter the market of oil refining or production of steel. In some industries, requires a certain level of technical and marketing skills, which is an insurmountable barrier for many potential competitors. Companies on the oligopolistic market try to avoid price wars due to the fact that this approach is costly to all involved in the war. Examples of companies in Australia: Toyota, Ford, British American Tobacco. 3. Monopolistic competition Monopolistic competition occurs when potential competitors of the company are trying to develop a differential marketing strategy in order to capture market share. There are several firms, but different marketing structure, although similar products. For Example: Coles, Wolly, Aldi, IGA they all sellShow MoreRelatedEssay about The Structure of Australia’s Banking Industry1252 Words   |  6 PagesThe structure of Australia’s banking industry is similar to that of an oligopoly, which poses the threat of minimising competition. The structure, performance and conduct of banks are important as they ensure that they act competitively, however in Australia the market is dominated by four major banks threatening competition. The structure in the Australian banking industry is fairly oligopolistic, decreasing the amount of competition evident in the market. 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