Question

What is the market structure of the firm for which you work currently or the firm that you would like to work for? As a manager, what would be the most important non-pricing strategy you would implement in order to enhance the firm’s revenue?

Answer 1

I would like to work for a firm which belongs to the monopoly market structure. It is because

• In monopoly, there is only a single firm. Thus there will be no competitors. Thus the amount of customers will always increase.
• There is no free entry or exit to the market.
• The firm is price maker.
• There will be no close substitutes of the products. Thus the customers have to depend only on their product. Thus the profit of the always tends to increase.

As a manager, the important non pricing strategy that i would implement is advertising.

• Advertising promotes the sale of goods and services by informing and persuading the people to buy them.
• Advertising stimulates research and development activities and it has become a competitive marketing strategy.
• Advertising enables a business firm to communicate its achievements in effort to satisfy the needs of the customers.
• It can encourage the production in a large scale and it can also educate the people about new products and their uses.

Thanks !..