Market Competition and Research Methods

Market Structures

• Oligopoly:

  • Few firms dominate the market.
  • These firms share the market power.
  • They may collude, leading to decisions unfavorable to consumers, such as similar pricing, limiting consumer options.
  • Example: 4 or 5 communication companies controlling prices.

• Monopolistic Competition:

  • Many competitors exist.
  • Each competitor attempts to differentiate their product.
  • The goal is to convince consumers that their product is unique.

• Perfect Competition:

  • Many companies are present.
  • All companies sell identical products (like salt).
  • No product differentiation exists.
  • Individual companies cannot control the price; the market determines the price.
  • Consumers can easily switch between sellers.
  • It does not matter from whom the consumer buys the product, as it is the same.

Research and Data Analysis

• Data is collected to:

  • Answer questions.
  • Solve problems.
  • Learn something new.
  • Gain insights for better business decisions.

• Example: Opening a new restaurant requires research to determine location, cuisine, and target clientele.

Secondary Research

• Involves quick searches to gather existing data.
  • Example: Searching for data on the ice cream market in Canada.

Primary Research Planning

• Involves a structured approach.

Presentation Structure

• Adhering to a structure is essential for a good job.
• Example: Following the specified slide structure for a presentation.

Teamwork

• Form teams and select a leader.
• The leader guides the process.

Presentation Slides (Example)

• Slide 1: Cover page with names and IDs.
• Slide 2: Secondary research findings.
• Slide 3: Sample designs.
• Slide 4: Tools and Sources.
• Slide 5: Financial Aspect.
• Remaining slides to be completed.

Time Management

• Allocate time for each task.
• Example: Set a timer for 15 minutes for initial research.

Key Elements to Cover

• Sample design.
• Tools and sources.
• Financials.