Response Essay Example | Topics and Well Written Essays - 250 words - 7

Response - Essay ExampleIn fact, the telecommunication industry is predominantly becoming homogenous, and firms in the industry are focusing on competing on technology basis over and above relatively differentiating their products and services.Consumers are rational they maximize their welfare at the minimum cost possible (Pride & Ferrell 329). On the other(a) hand, firms seek to maximize profitability by minimizing operational costs as much as possible. The link between these two concepts gives rise to business strategies for favored and profitable business operations. The fact that pricing is a critical factor that influences the overall performance of a business enterprise cannot be refuted. However, competing on charge basis is a critical decision to make in business. Markets are made up of different market structures, namely perfect competition, monopoly, monopolistic competition, and oligopoly (Pride & Ferrell 450). determine strategies work differently across these market models, but the common denominator is that product and service quality must be accounted for. Therefore, a pricing strategy that is O.K. up by product quality is more likely to satisfy