IMPERFECT COMPETITION Essay Example | Topics and Well Written Essays - 500 words

IMPERFECT COMPETITION - demonstrate ExampleGenerally, an frail competition mart fag end be described as a market setting where the products sold atomic number 18 highly differentiated. In essence, in order to survive in an faint market, a firm has to develop unique survival techniques to avoid suffering losses and losing customers loyalty.Apparently, the fast fodder industry has become quite competitive in the modern times (Schlosser, 2012). In response to the increase competition, firms operating in fast foods industry have come up with distinguished survival strategies to advance continuity in business. Some of the survival techniques that have been adopted by firms in the fast food industry include product differentiation, brand building and diversity in product promotion. In this regard, it can be observed that the tropical Smoothie Caf operates in an sapless competition market. The price of products offered in an imperfect competition has insignificant influence on dema nd. Basically, customers in an imperfective competition market are to a greater extent sensitive on product brand than price. Tropical Smoothie Caf has established unique marketing strategies that are rarely known by its competitors. Some of the major competitors of the firm include McDonalds, Starbucks and Burger King.Since the firm operates in an imperfect competition market, the most appropriate means of achieving market power is through establishment of a sozzled brand name (Manning, 2013). In essence, a strong brand name aids in harming customers loyalty and maintaining them for long. Actually, the firm should emphasis on brand imaging through advertisements and product promotion. In addition, the beau monde should consider offering discounts to its customers to promote sales as well as customer loyalty.The government efforts to tone business operation can either result in positive or negative outlet to a business concern. The issues of patent