Question

Name a Fortune 500 company, then make a list of what factors you can identify that keep your company from being perfectly competitive. Also, review the sources of market failure. After you make the list, discuss each of those factors here. You might also want to include possible solutions to make the company closer to perfectly competitive.

Answer 1

Every company has it's own positive and negative points which determine the success of that company. Fortune 500 companies are the companies that define the terms business and competition and stand as examples for small business firms. But even these companies strive hard to survive competition from the other companies and have to maintain their standards. For example let us take Walmart. It is a vast retail entity spread over globally and is one the most competitive store in the world. It is famous for it's business strategies and the quality it maintains. It makes goods available in bulk quantities at basic prices which are bought by the small retailers. Many brands are available and it keeps on introducing new brands.Quality is maintain throughout the year and it never compromises in it. Once it is set up in any locality it immediately becomes the source for many shop owners who buy goods in bulk and sell for profits. This business strategy worked very well for Walmart whichi smakin it compete for the first position even today .It stands as an example for many other similar companies.