monopolistic market facilitates the producers in the market with product differe
ID: 374108 • Letter: M
Question
monopolistic market facilitates the producers in the market with product differentiation. every firm will be specilized in some area and they promote it as their unique selling proposition. waffle house is using this strategy to promote their food and eatables in market. the kind of food items, the variety of food items, the kind of ingrediants, inputs, the process, the serve, the environment maintanance in house, every thing is special. and it is using all these aspects to differeniate their product as well as serve to its customers.
companys prefers to differentiate their products in terms or color, pack, smell, performance, promotions, availability, and so on. every aspect helps a firm to reach its target customes quickly and more effectively and helps to increase their market share in the segment. it helps to concentrate on different market segments and at the same time to enter into new segments too.
when firms use latest and state of the art technologies in manufacturing process, it helps them to minimize wastage of material, machine hours and labor work force. all these helps to minimize the total production cost of the firm in various dimensions. it is applicable to waffle house too, they are using good quality food raw items, which minimize the total waste and cost of the food items. these people follows good and better preparation of their food, which helps them to minimize cost of raw food items. the quantity will be purchased in bulk with more discounts, and based on the market demand they will be modified and changed the orders. most of the times, they utilise total items with full, very nominal or little item will be spoiled.
when the resources are utilized optimally by the firm, it will be in a position to produce good number of products and sevices at reasonable cost. when the costs are minimized, the potential profits of the firm will be increased or maximized. it helps those forms to become more stronger, financially viable and they perform well.
the priorities and expectations of a customer in food industry is much uncertain when compares to any other industry. singel customer may prefers to different buffets, cousins, menus and their tastes. one time they may look for pepper items, some other time they may go with little hot, some time they may go with some additional flavors etc. one of the most customized industry is food industry. where many innovations, modifications and changes can be introduced. for all these, customer importance and food habbits, tastes and preferences, and so on, are the base. some customers may prefers to some items, where other may not interest to even taste them, some customers always describe what they wish to have, some may generally define, some may give more specifications, some may not give any specifications etc. but it is the obligation of server or firm to prepare a great item based on customer taste and preference only.
Explanation / Answer
Firms can achieve overall, organization-wide competitive advantage through the following strategies: • Competing on Differentiation • Competing on Low Cost • Competing on Response Use Waffle House and identify which of the above strategies it has selected. Based on this strategy, discuss how the company may have implemented each of the 10 strategic OM decisions to achieve competitive advantage. Write 2 pages double space.
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