DIFFERENTIATING BETWEEN MARKET STRUCTURES Name: Tutor: Course: Date: Fast Food Industry Among the most popular consumer products within the US and other international markets are fast food. These types of foods can be prepared within a short time and are convenient while being consumed…
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In such context, fast food outlets will be the best place to grab a precooked burger and a hot beverage for the morning meal. With increasing consumption of fast food, America is experiencing substantial growth in the industry. Market statistics indicate that this industry is likely to experience a boost; hence its future prospects seem promising. Organizations in the Fast Food Industry In practical context, examples of established organizations within the fast food industry include McDonalds, Burger King and Kentucky Fried Chicken, among other companies. Within the essay, we will focus on Kentucky Fried Chicken, which features as one of the most successful business franchise in the world. Kentucky entered the industry, upon which it established itself as an icon in preparation and sale of chicken products and other fast food items. It is known for its finger licking chicken and attracts a wide range of consumers into its outlets worldwide. Currently, the organization has franchises located in different geographical regions including China and Indian markets. With current increase in fast food consumption, Kentucky Fried Chicken is repositioning itself in the global market in order to reap maximum benefits. Within the American market and beyond, Kentucky is tied with other established fast food giants like McDonalds, Wendy’s and Burger King. ...
r of buyers and sellers, level of competition, prospects of market entry and range of products and services offered to consumers within a given market segment. Based on these attributes, the four basic market structures include perfect competition, oligopoly, monopolistic competition and monopoly. Kentucky Fried chicken operates its business within a perfect competition environment. Characteristics of Perfect Competition From a theoretical perspective, perfect competition is sometimes referred to as pure competition. In ideal situation, pure competition is characterized by presence of numerous sellers all offering identical products and services to potential consumers. Because all products and services offered are identical, then each seller enjoys a proportionate share of the market. According to Colander (2010), prices within such a market are not determined by a single seller. Rather, price elasticity of demand is attributed to consumer preference based on merit of product and service offered by a given seller. Consequently, price of goods tend to be stable since no single seller had the economic influence to induce price dynamics. In this regard, consumers are protected from illegal pricing techniques since all sellers shall have to adhere to prevailing market regulations created by competition. In actual sense, perfect competition may not exist as ideally portrayed in theoretical constructs. However, typical characteristics of firms in practical business settings will place each organization under one of the market structures mentioned above. Marketing Structure of Kentucky Fried Chicken Kentucky Fried Chicken operates within an environment with infinite number of product sellers. Currently, there are thousands of fast food outlets across the world. Some of these
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