Economics & Science
15 important questions on Economics & Science
What are the advantages of imperfect competition instead of everything the same for everyone?
- Scale and experience advantages
- Barriers to entry
- Product differentiation and branding
- Limited or controlled information
- Different production processes, different access to key costs
- Control of distribution
When are suppliers powerful (porter's 5 forces)?
- Suppliers are concentrated (few suppliers, many rivals)
- Suppliers serves many industries
- Rivals have switching costs if they change suppliers
- Suppliers have differentiated products
- No substitutes for suppliers products
- Supplier can integrate forward (become a new rival)
When are buyers powerful?
- Buyers are concentrated (few buyers, many rivals)
- Buyers purchase in large volumes
- Industry products are standardized, undifferentiated
- Switching costs for buyers
- Buyers can integrate backwards (become new rival)
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When are buyers price sensitive?
- Product accounts for large part of budget
- Buyers are facing financial pressures
- Industry's product is not critical to quality of buyers product (b2b)
When is the intensity of the rivalry high?
- Rivals are equal in size and power
- Industry growth rate is slow
- Exit barriers are high
- Rivals are highly committed to this industry
- Rivals cannot read each other's signals
In which way can rivalry increase profitability?
What are barriers of entry for new entrant?
- Economies of scale
- Network
- Switching costs for the customer
- Capital requirements
- Access to distribution channels
- Restrictive government policy
What are the 3 generic strategies (Porter)?
- Cost leadership: low cost producer, everything is equal, the only thing to compete on is the price. when markets mature, a shake-out removes inefficient rivals
- Differentiation: unique products, premium pricing is possible (not required)
- Focus: product in niche market, not broad
Why do you have to choose 1 generic strategy?
- not efficient enough to compete on price
- Not unique enough to compete differentiation
Why is there criticism of generic strategies?
What are the positive learning effects of an established company with a lower unit price as a result?
- Increased efficiency: Increased familiarity with the production process leads to improved efficiency or more output for the same amount of input (labor hours/time)
- Less downtime: standardizing the production equipment (larger runs, better use equipment)
- Lower switching costs: costs associated with switching to other machines
- Specialised equipment
- Additional knowledge: use of external networks
What are the differences between the learning effect and the economies of scale?
When do diseconomies of scale arise?
- Additional coordination costs (lack of proper coordination)
- Necessary indirect costs
What are the 5 primary processes of the value chain?
- Inbound logistics: relationship with suppliers
- Operations: activities to transform inputs into outputs
- Outbound logistics: activities to collect, store, distribute outputs
- Marketing & Sales: inform, persuade, facilitate buyers to buy products
- After-Sales Service: activities to keep products working after it's sold
How to do a cost analysis of the value chain?
- What are the competitive advantages in the chain
- Compare costs across activities & competitors
- Identify cost drivers
- Identify linkage between activities
- Identify opportunities for reducing costs
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