Essay on Forms Of Industrial Organizations - 897 Words

Forms of Industrial Organizations Based on production and selling environment economists group industries into market structures. There are four basic market structures namely: (1) pure competition, (2) monopoly, (3) oligopoly, and (4) monopolistic. Differentiating factors of the four markets include, ease of entrance or exit, the number of firms within the industry, and availability of substitutions. It is not uncommon for a market to begin as one type of structure and evolve into another. The following paper will discuss the four different market structures as well as explain the life cycle and progression of the All-Optical Notebook Computer Industry Pure Competition Monopoly Oligopoly The third type of market structure†¦show more content†¦Monopolistic Competition The last type of market structure is that of a monopolistic competition industry. In a monopolistic competition market companies compete against one another based on product innovation and differentiation opposed to price. One example of a monopolistic company is Nike footwear. Although Nike is a complete sports wear company they are most notable known for athletic shoes. According to Brue and McConnell a â€Å"firm can attempt to stay ahead of the competitors and sustain its profit through further product differentiation and better advertising. (Brue McConnell, 2004, Ch 25). Nike strategically uses a non-pricing strategy and distinguishes its product line through the development of new shoe styles endorsed by famous athletes. Due to the number of competitors in the athletic shoe industry such as Reebok, Vans, and Converse, Nike must create a consumer desire to purchase their products. High competition factor in the athletic shoes industry requires that Nike prices its products in the same price range of rival companies or consumers will switch brands. The Industrial Organization Progression of Quasar All-optical technology, first created by Quasar, was released into the market holding a three year patent. This patent enabled Quasar to hold a monopoly on the industry because there were no substitutes. With noShow MoreRelatedForms of Industrial Organization2091 Words   |  9 PagesFORMS OF INDUSTRIAL ORGANIZATION Forms of Industrial Organization Forms of Industrial Organization Introduction According to McConnell and Brue â€Å"Economists group industries into four distinct market structures: pure competition, pure monopoly, monopolistic competition, and oligopoly. These four market models differ in several respects: the number of firms in the industry, whether those firms produce a standardized product or try to differentiate their products from those of other firmsRead MoreAssignment on Industrial Relations, Bangladesh1076 Words   |  5 PagesExecutive Summary: Industrial relations is used to denote the collective relationships between management and the workers. Traditionally, the term industrial relations is used to cover such aspects of industrial life as trade unionism, collective bargaining, workers’ participation in management, discipline and grievance handling, industrial disputes and interpretation of labor laws and rules and code of conduct. 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Industrial Engineering is concerned with the design, improvement and installation of integrated system of men, materials and equipment. It draws upon specialized knowledge and skills in the mathematical, physical sciences together with the principles and methods of engineering analysis and design to specify, predict and evaluate the results to be obtainedRead MoreOrganizational Psychology Paper Psy 428924 Words   |  4 PagesOrganizational psychology is the study of a formal organization and how individuals and groups act within that organization; in other words, the scientific study of the workplace. The goal of organizational psychology is to help organizations function the best way p ossible. This is achieved by helping people understand their interactions with each other and create an environment where everyone can work together to accomplish important goals. 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Dunlop (1958), an industrial relations system is comprised of the following actors: * A hierarchy of managers and their representatives in supervision (or employers and their associations) * A hierarchy of workers and any spokesmen (the workers and their unions), and * Specialized government agencies (or the state) concernedRead MoreThe Pin Factory1106 Words   |  5 PagesWhat are the reasons that hierarchies emerge in organizations? What about the roles and the nature of this emergence? Does this aid in structuring these organizations/work areas? In this essay, I will be relating the description of activities that take place in an early industrial pin factory from Adam Smith’s Wealth of Nations to the organizing and structuring of work. The relation will be described done by examining the division and specialization of labour, requirements that lead to the need forRead MoreEmployee Industrial Relations and Strategic Hrm1301 Words   |  6 PagesEmployee industrial relations strategic HRM Employee industrial relations and strategic HRM plays an important role in how the organization manages its resources. There are many aspects of industrial relations and strategic HRM that impact employees. Following are few major ones. Engaging employees: Employee engagement is very important aspect of Industrial relations and strategic HRM. Employee engagement means putting employees first. As mentioned in an interview with Gary Burkett (managing