Market Structures Essay
The market structure that relates to Judder Fine Food organization Is revealed to access whether the organization has the ability to achieve long term profitability. Also I will give my recommendation to the company to let the company know how they can maximize their profits. Judder Fine Foods is a company that provides gourmet shopping that offers an exquisite selection of products to their customers. These products are from a very fresh selection without preservatives. Goods are rotated on the shelf, and the foods which re still able to be consumed but cannot be sold as top shelf product will be given to the homeless.
Judder relies are the selective hiring of its associates to ensure that each customer that comes into their stores are fully satisfied with its services. If a customer is looking for a specific product and does not see it on the shelves the store will go out of their way to order the product the customer is looking for. The strategic customer service offered by the store allows the company to remain one of the top picks by customers to go to for their food needs. Judder Fine Foods holds a strong nominative force In the
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Some of the ways by which they make themselves unique is the private and exclusive selection of fine foods that they offer. One of Kidder’s main focus points is the gourmet experience that they offer – this experience Is unique and specific to the type of marketplace where Judder competes. In 2010 and 2011, Judder committed to the betterment of their store by collecting customer surveys In order to determine how successful their products and overall gourmet experience was being received. According to the survey, strengths that
Judder holds above their competitors are the selection and customer service. In addition, the ratio between money spent and quality of food seemed to be satisfactory and appreciated by the majority of their customers. However, some of Kidder’s weaknesses, as indicated in the same customer surveys, are the marketing material Judder uses to display their food selections and the customer service. In terms of marketing, Judder can easily fix the displays and make them more attractive to match the high-end quality appeal that they intend to attract.
Interestingly, period customer service Is one of Kidder’s primary concerns and almost half of the customers felt the staff was not courteous and/or knowledgeable about the products. Reminding them of the importance that customer service holds to the company. After all, quality customer service is accounts for half of the gourmet experience. These strengths and weaknesses contribute significantly to the future of stores such as Judder Fine Foods because they speak to the stability and steadiness of Judder in its own marketplace. Judder Fine Foods operates in a perfect competition markets.
There re multiple buyers and sellers in the market of perfect competition. In perfectly competitive markets consumers are offered several options of products that can serve as substitutes for other products. Perfectly competitive markets offer low to no barriers to entry to new companies to enter and compete in the select industry. In a perfectly competitive market the price elasticity is high. It is determined entirely by the supply and demand forces. Judder Fine Foods qualifies as an organization within the perfect competition market, because it does not have power in the price leverage.
If Judder Fine Foods decides to increase prices consumers then have the option to use substitute products. The competitive market structure has a positive influence on Judder Fine Foods. Perfect competition is the most efficient way to promote innovation and improvement within the company. It allows Judder Fine Foods to analyze and maintain proficiency in quality and quantity of goods and customer service. Monopolistic and oligopolies markets tend to stagnate and defer innovation in the market; quality often goes down due to dominance in the industry. Judder
Fine Foods has established reputation by the quality of its products and efficiency of its services. Branding is a well-known way of setting a company aside from its competition. It ensures that consumers are able to associate the company with quality and innovation. Lack of innovation can lead to poor brand loyalty, and can ultimately reduce sales and profits. Technology is another popular competitive strategy within all industries. Internet marketing has been adopted by Judder Fine Foods. This has enabled the company to provide the necessary information about heir products and services provided to consumers.
The website contains information on the products offered, the details of their delivery, and where the consumers can purchase the wanted groceries. This also allows Judder to expand its customer base, and overall increase profits. Judder Fine Foods should consider branding as a competitive strategy to maximize profits. Any organization should ensure that its products are innovative in terms of design and quality. The entrance into the competitive market with products that are not innovative can lead to massive loses. Customers must have value for their money.
Cheap products would mean low quality and the need for quick cash. Thus, the company should consider establishing strong brand image and support it with top quality of foods and supplementary services. Finally, Judder Fine Foods should consider product positioning. Profit minimization can only be achieved when products are designed for particular market segments. Products should be oriented for customers. Judder Fine Foods should produce foods for individuals who belong to the upper middle class and those who want to have a fine and comfortable lifestyle.