Examine a perfectly competitive firm that you have recently purchased a product from, focusing specifically on how the firm operates relative to the characteristics of the market
respond to these to students post
- Apple firm is a big competitive firm world wide like America, Japan and Europe. Apple values its high quality, high speed, and user friendly products for customers. Apple designs all of their phones from scratch they are geared to provide efficient performance. Apple has always focused on their product features, and in store buying process. Going into an apple store is one the best experiences ever, they are always friendly and very knowledgeable of the products they sale. They take pride in innovative products, designing of the products , the graphics and networking experience, and marketing. Apple stays at least two years ahead of their competitors. Customers dont mind spending money on good quality products regardless of their prices. This is why I believe Apple is one of the top firms in the world.
- A product I use frequently that I believe fits this example well is Monster energy drinks. Red Bull might be considered the most popular, but Monster has them beat on variety, value (a larger can costs the same or less), and quality (they taste much better in my opinion). It feels like every time I enter a convenience store, there is a new brand of energy drink up for sale, so the market is definitely easy to enter/exit. Red Bull spends the most on advertising by far, but I see just as many people drinking Monster these days. They rely much more on word of mouth and promotional materials (most of you have probably seen people with Monster stickers on their vehicles).
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