Assignment on Brand Building Nike Marketing Essay Example

Task on Brand Building Nike Marketing Essay Task On Brand Building Nike Marketing Essay History Nike is a significant traded on an open market sportswear and hardware provider situated in the United States. It is the universes driving provider of athletic shoes and clothing and a significant maker of athletic gear with income in abundance of $18. 6 billion USD in its monetary year 2008. It utilized in excess of 30,000 individuals around the world. The organization was established in January 1964 as Blue Ribbon Sports by Bill Bowerman and Philip Knight, and authoritatively became Nike, Inc. in 1978. The organization takes its name from Nike the Greek goddess of triumph. Nike advertises its items under its own image just as Nike Golf, Nike Pro, Nike+, Air Jordan, Nike Skateboarding and auxiliaries including Cole Haan, Hurley International, Umbro and Converse. Nike likewise claimed Bauer Hockey (later renamed Nike Bauer) somewhere in the range of 1995 and 2008. Notwithstanding producing sportswear and hardware, the organization works retail locations under the Niketown name. Nike supports numerous prominent competitors and sports groups far and wide, with the exceptionally perceived trademarks of Just do it and the Swoosh logo. By 1980, Nike had arrived at a half piece of the pie in the United States athletic shoe showcase, and the organization opened up to the world in December of that year. Its development was expected to a great extent to expression of-foot promoting (to cite a Nike print advertisement from the late 1970s), as opposed to TV advertisements. Nikes first national TV advertisements ran in October 1982 during the communicate of the New York Marathon. The advertisements were made by Portland-based publicizing organization Wieden+Kennedy, which had framed a while before in April 1982. We will compose a custom exposition test on Assignment on Brand Building Nike Marketing explicitly for you for just $16.38 $13.9/page Request now We will compose a custom paper test on Assignment on Brand Building Nike Marketing explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom paper test on Assignment on Brand Building Nike Marketing explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer Together, Nike and Wieden+Kennedy have made many print and TV advertisements and the organization keeps on being Nikes essential today. It was office prime supporter Dan Wieden who begat the now-acclaimed trademark Just Do It for a 1988 Nike advertisement battle, which was picked by Advertising Age as one of the best five promotion mottos of the twentieth century, and the crusade has been cherished in the Smithsonian Institution. San Franciscan Walt Stack was highlighted in Nikes first Just Do It promotion that appeared on July 1, 1988. Wieden credits the motivation for the trademark to Let’s do it, the final words verbally expressed by Gary Gilmore before he was executed. All through the 1980s, Nike extended its product offering to incorporate numerous different games and districts all through the world. What does the brand depend on? Nike represents VICTORY. In Greek folklore, Nike was a goddess who typified triumph. She expected the job of the perfect charioteer when Zeus was amassing partners for the Titan War; she flew around front lines remunerating the victors with greatness and notoriety. What's more, the entire brand has been work around it, to pass on one and only message, the one of the Victory, with a major V. While Nike fired up its business selling shoes, it sensibly hit the tipping moment that the solid and clingy message which has coordinates sway on people subliminal worn by top competitors and sprinters. The Nike logo  «Ã¢ swooshâ â » was not just evolved from the wing of the Greek Goddess Nike, it was likewise evolved to affect again the subliminal of the customer too. How? Nike logo has the state of a tick, and through life and training we get some automatism with tick which means right and the cross which means wrong. Nike,  «Ã‚ Just Do Itâ â » happens to be the stickiest slogan ever. It prevails upon the hearts of hundred of a large number of Nike fans, mentally, subliminally, subtly, destructive. So the Nike brand represents triumph, and all the more decisively: Competency: as we used to cite the Nike fellow benefactor Bill Bower mane who mentioned this objective fact  «Ã‚ If you have a body, you are a competitor. Elite : Nike advances its items by sponsorship concurrences with big name competitor, proficient and athletic groups, they support Cricket in India a Football in France for instance, the most well known games > they center just around champs Achievement : the message is really clear when you see champion in Olympics wearing Nike > its simply like the Nike tennis shoes carried the person in question to accomplishment on account of the soul of the Victory Godess of Greek Never state Die mentality : the statement of purpose of Nike that the 30 000 representatives across 6 mainlands make their own commitment to satisfy is > to carry motivation and development to each competitor on the planet Nike’s changing Logo The Nike Swoosh typifies the soul of the winged goddess, which the legend says roused the most brave and gallant warriors at the beginning of progress. The principal shoe to wear the swoosh logo was propelled in 1972. In 2006, Nike has likewise tested in its notices by expelling the woosh inside and out Nike written in another textual style, and this the old swoosh was restrained a piece. Nike Logo history Products by Nike delivers a wide scope of athletic gear. Their first items were track running shoes. They right now additionally make shoes, pullovers, shorts, baselayers and so on for a wide scope of sports including track field, baseball, ice hockey, tennis, Association football, lacross e, ball and cricket. Nike Air Max is a line of shoes initially discharged by Nike, Inc. in 1987. The latest augmentations to their line are the Nike 6. 0, Nike NYX, and Nike SB shoes, intended for skateboarding. Nike has as of late presented cricket shoes, called Air Zoom Yorker, intended to be 30% lighter than their rivals. In 2008, Nike presented the Air Jordan XX3, an elite b-ball shoe structured in view of the earth. Nike sells a variety of items, including shoes and clothing for sports exercises for men, ladies, and kids. Nike is notable and well known in youth culture, chav culture and hip bounce culture as they gracefully urban design attire. Nike as of late collaborated with Apple Inc. to create the Nike+ item which screens a sprinters execution through a radio gadget in the shoe which connects to the iPod nano. While the item creates helpful insights, it has been censured by specialists who had the option to recognize clients RFID gadgets from 18 m away utilizing little, concealable knowledge bits in a remote sensor organize. Brand character Nike has marked out a slick, elite, creative situation rather than its rivals. It passes on the thoughts of triumph, puissance, sport disposition and manliness. Every one of these components are stressed by popular and effective sportive underwriting. With Just do it Nike has guaranteed its crowd that the organization is focused on the serious soul. Nike suggests that it will assist individuals with feeling engaged, effective and best prepared to handle the difficulties of games. The organization utilizes shades of dark and blue, which gives the brand an easygoing, unassuming inclination. Nike’s well known swoosh makes sentiments of development and speed. Nike, the brand name itself, was once better referred to in Greek folklore as the goddess of triumph. Every one of these things and more give Nike its image character. How Does Nike keep up/convey it’s planned brand picture We will focus on the promoting system of Nike by considering it’s 7 P model. Additionally, in the model itself we will consider the incorporated showcasing correspondence received by Nike to improve brand value. Item Nike primarily focuses on sportswear. The primary item classes sold under Nike brand name include:http://exhibition. clickthecity. com/collections/userpics/10006/pic56012. jpg Sports Footwear http://norcalsaversnest. com/wordpress/wp-content/transfers/2010/03/cole-haan-coupons-limits. jpg Apparels Packs (Handbags and bagpacks) Sports extras Sports gear as such, all item classes sold under the Nike brand name are legitimately or in a roundabout way identified with sports and physicality which thusly is the center brand picture/character of Nike. Other Nike Brands incorporate Cole Haan which is into easygoing footwear dresses, Nike Team Sports which sells headgear Bauer Nike Hockey Inc. which represents considerable authority in hockey and skating gear. Henceforth, Nike sells random classes under other brand names in this way forestalling disarray in the brains of the purchaser Tune Your Run: The ongoing endeavor among Apple and Nike coordinates your iPod and running shoes. The fundamental advancement is that your speed separation information can be recorded in your iPod and afterward synchronized with your PC to keep a tab on your advancement Nike has consistently strived for advancement which inturn appears in their item innovative work. Key associations and collusions with the most imaginative accomplices guarantee Nike is the worldwide pioneer with regards to sportswear advancements. A portion of the acclaimed advancements include: 2. Place of Hoops : Partnership with Footlocker to advance the b-ball line of Nike productshttp://blog. luon. com/open/Nike. JPG 3. Mass customization: Use of adaptable PC supported assembling frameworks to create uniquely yield. Those frameworks consolidate the low unit costs ofâ mass productionâ processes with the adaptability of individualâ customization. Value Nike’s evaluating is intended to be serious to the next style shoe retailers. The valuing depends based on premium portion as target clients. Nike as a brand orders high premiums. Nike’s valuing system utilizes vertical joining in evaluating wherein they own members at contrasting channel levels or partake in more than one channel level activities. This can control costs and

Ensuring Customer Satisfaction

Prologue To guarantee achievement in a profoundly serious world it is significant that an association puts accentuation on consumer loyalty. Discoveries show that it is a lot simpler to hold a current client than draw in another one. That is the reason it is significant for any business substance to comprehend the requirements of its clients and guarantee the creation of value brands.Advertising We will compose a custom report test on Ensuring Customer Satisfaction explicitly for you for just $16.05 $11/page Learn More Ensuring fulfillment normally constrains a client to return again to purchase the items or get the administration. It is additionally essential in guaranteeing referrals, whereby the clients can allude others to a similar business element or brand. The nature of items or administrations is basic in impacting the mentalities of the clients towards a given brand. Consumer loyalty impacts the shoppers to have an uplifting disposition towards the brand while disappointment prompts negative demeanor (Antonides 1999: 88). Consumer loyalty is indispensable in advancing a brand. Client disappointment then again drives the shoppers to introduce their grumblings to the producer or seller of that specific item or even dishearten other potential clients from utilizing that item or administration. To decide the nature of an item or administration, it is very essential to decide the mentalities of the buyers towards that specific brand. This should be possible by giving them with polls or straightforwardly talking with them. This is vital in recognizing the requirements of clients and improving that specific brand. For any corporate substance to prevail in an amazingly serious world it must be client situated and it should set up measures to hold the current clients and pull in new ones. In the wake of getting discoveries about the client needs, it is critical to follow up on them in order to guarantee consumer loyalty. It is very significant for an associatio n or business element to decide the consumer loyalty levels at that specific time before putting any consumer loyalty measures. Improving quality isn't sufficient to give a substance an upper hand over its rivals. It is hence significant that an association puts less accentuation on inner structures and procedures and spotlight available and clients (Baudrillard 1998: 432). Consumer loyalty The issue of fulfillment is especially significant tin the friendliness business. Consumer loyalty can be named as a sentiment of joy or satisfaction that accompanies the acquiring and utilizing an item or administration. Purchaser Decision Making Process According to Smith, before any buy is made, the customer typically experiences various stages. It is significant for any advertiser to comprehend the entire procedure while showcasing any given brand. There is a phase in the purchasing procedure whereby the advertiser probably won't be in a situation to change the choice of the buyer.Advertising Looking for report on business financial matters? How about we check whether we can support you! Get your first paper with 15% OFF Learn More While doing the routinely buys be that as it may, it is very regular for the client to skip or now and again turn around a portion of these stages. Somebody who is ravenous is probably going to skirt the data chasing and assessment stages. While buying certain products be that as it may, there is requirement for critical idea and consultation. The purchasing procedure is significant in such a case (Blythe 1997: 231). As indicated by this model, before any buy is made, the buyer perceives a need like yearning, the need to buy certain gear or it may be in light of a given upgrades like a sweet smell. The client at that point goes a head to locate the suitable data. In the event that the need is very operator and there is a spot to buy the item/administration, a choice is in a split second made to get the equivalent. On the off chance that not, at that point the journey to obtain the data proceeds. A portion of the data hotspots for the client incorporate; Personal sources which incorporate; individuals from one’s family, companions or neighbors. Business sources like commercials, sales reps, bundling and shows, retailer just as the retailers of that given item/administration. Open sources, these incorporate the media/press and shopper associations. Exploratory sources. They incorporate the treatment of the item, looking at just as utilizing it. During the assessment stage, the client is confronted with the choice of picking among the various brands, items or other specialist co-ops (Brown 2002:33). Data Use The client utilizes the acquired data in deciding the best brand in tackling the clear issue. A broad assessment is to be completed if the buying is especially including. High association buys are those which either include higher dangers or are costly. These might for example be; the buying of a vehicle, house or making a venture. Low inclusion buys then again as a rule include less assessment for what it's worth on account of buying refreshments or buying staple for getting ready supper. An advertiser needs to furnish the client with the fitting data in the different buying circumstances. In high contribution buys for example, the advertiser needs to give the client exact data about the nature of the brand and its significance and focal points over the contenders. He/she may need to give free examples or offer preliminaries to the client in order to make a deal and set up client reliability. (Cavern 2002:461).Advertising We will compose a custom report test on Ensuring Customer Satisfaction explicitly for you for just $16.05 $11/page Learn More Post-buy Evaluation This is the last stage in the buying procedure. Subsequent to buying, the client may have worries about that specific brand. This is normally done through subjective disharmony. If a purchaser feels that an elective item or spe cialist organization would have been something more, he/she probably won't pull out all the stops quickly however may put it all on the line next time he/she is out of luck. The individual is more outlandish buy the item or administration that didn't fulfill him/her. During the buying, the client should be guaranteed that the item or administration would fulfill his/her need. Considerably subsequent to buying, the shopper must be consoled that he/she settled on the correct choice. Application in the Hospitality Industry This model is relevant in the cordiality business in spite of the fact that it has its own deficiencies. The part of dynamic has not been a simple one in this industry given that it has been experiencing a lot of unpredictability in the ongoing past. There are different variables that impact dynamic in the cordiality business some of which are financial. The parts of the associations picture, its utility boost just as people’s information about the items and a dministrations are additionally persuasive in the entire procedure (Ford 2005:33). Dynamic The administration of any neighborliness organization utilizes the information on this model to settle on choices concerning the marking and guaranteeing compelling advertising methodologies in order to hold the current clients and draw in new ones. The difficult acknowledgment stage in the cordiality business is portrayed by clients requirement for solace and places of unwinding, refreshment, convenience, transportation and spots where they can get great food and other amusement administrations. It is upon the retailer to offer these types of assistance to the clients and advise them regarding the items and administrations offered by that specific business substance (Gottdiener 2000:67). It is along these lines significant for the advertisers to complete some examination on the clients needs in order to know the administrations they require and enhance the current ones or dispense with those that are not important. It is essential to comprehend the clients and the qualities that impact their dynamic. This is the main way that an accommodation firm can successfully convey to its clients. With the parts of post-innovation and globalization, today’s showcase has fundamentally changed. The clients are increasingly touchy to the costs and the emphasis is more on the mental as opposed to physiological requirements. An advertiser has to know the impression of the customers concerning the elective brands in the business (Griffin 2002:55).Advertising Searching for report on business financial aspects? We should check whether we can support you! Get your first paper with 15% OFF Find out More The friendliness business as a rule targets guaranteeing consumer loyalty which means benefit making. Showcasing is especially significant in the cordiality business. The business likewise relies upon the movement business for its promoting and operational exercises. By understanding the dynamic procedure, an association is in a situation to meet its hierarchical destinations by setting up projects to guarantee that the clients are fulfilled which brings about more prominent benefit. The accommodation business must have the client support culture. Much accentuation is put on client care and fulfillment. The associations culture is so that the necessities of the clients are given need (Gronroos 2000:22) A business element in the friendliness business should be reliable in its administration arrangement in order to maintain a strategic distance from client disappointment. The substance ought to do catch up significantly after the clients buy their items or administrations in order to d ecide their degree of fulfillment at the post-buy stage. This aides in seeing if the clients were fulfilled or whether the item or administration should be improved. This is significant in limiting disappointment and building up client devotion (Heath 2005:33). Difficulties Globalization has brought about market multifaceted nature. The neighborliness business is in this way experiencing more prominent

Artistic Expression in 18th and 19th Century America :: American America History

Creative Expression in eighteenth and nineteenth Century America The main pioneers in the New World confronted unusual hardships. The men of the Virginia province experienced enough difficulty figuring out how to live off the land, not to mention safeguarding themselves from local assaults. Starvation end up being a hard impediment to vanquish for the entirety of the new settlements. New England, while having an increasingly reasonable atmosphere for the avoidance of ailments, likewise had its contentions with neighborhood clans. The Puritan standards of New England were exceptionally severe particularly concerning private extravagances, including craftsmanship. The main sort of craftsmanship that was satisfactory, were representations, solely of privileged residents and pastorate. During that time paving the way to the transformation, notwithstanding, as the populace got enhanced, new thoughts began to impact well known idea. There were a wide range of societies existing together just as various social classes. In any case, similar to the standar d in Europe, just the high society individuals were a piece of the workmanship world. Take a gander at artworks from the per progressive period, including The Mason Children: David, Joanna, Abigail, (obscure craftsman), Hanna Minot Moody (Joseph Badger), New England Merchant (Charles W. Peale), Portrait of Elizabeth, The Artist's Daughter (John Singleton Copley), we notice numerous similitudes among them. As expressed beforehand, they are largely representations. The entirety of the subjects are depicted in extremely fine garments and are clearly modeling for the work of art. The greater part of these works have close to nothing or nothing at all out of sight. One gets an exceptionally cold and sterile feeling when taking a gander at these, and they are definitely planned not for imaginative articulation yet just to record the picture. As late as 1800, attributable to the restricted economy of the Colonies just as the Puritan’s partiality against worshipful admiration and their see for craftsmanship as an extravagance, picture was the main acknowledged type of articulation in painting. (Bazin 341). In the period following the American Revolution up to the turn of the eighteenth century, we begin to see some unpretentious yet huge changes in the mainstream work of art. We can see an a lot bolder utilization of shading and foundation, as in C.W. Peale’s Benjamin and Eleanor Ridgely Laming (1788) and Mather Brown’s Sir Richard Arkwright (1790). Feeling is appeared of the essences of the subjects and Ralph Earl indicated the Striker Sisters (1787) with their arms around one another and wonderful, upbeat grins on their countenances. Mr. Peale’s work shows the physical fascination among Benjamin and Eleanor.

Digital Lock System for the Security of Home and Office - 550 Words

Digital Lock System for the Security of Home and Office (Essay Sample) Content: Name Of article: digital lock system for the security of your home and officeName of author: Samson deepayOne of the digital door locking device is the keyless entry remote system which carries electronic circuits for sending wireless system to the automatic door. The keyless remote devices are usually equipped to open with the help of a keyless remote. Currently, modern keyless remote are equipped with several features as the pressure and fuel indicators.The latest trend globally, is the digital technology which is equipped with several electronic products such as the music player televisions, toys video players, decoders, etc. A clear observation of many electronic devices will be the usage of remotes which makes work easier by minimizing the distance to be travelled to change a station. The remote controlled digital products usually works on a wire signal. The fact that it works on a wire signal, doesnà ¢Ã¢â€š ¬t imply that the usage of the remote will require s ome complicated skills .In fact, a Miami locksmithà ¢Ã¢â€š ¬s child can easily operate the device. The working of the remote starts by the remote electronic device sending signal to the main device which acts according to the signal received. If the signal requires a change in station, the signal will change appropriately. The keyless entry remote system is thus an automatic locking system for oneà ¢Ã¢â€š ¬s vehicle, car or home door which also works with the help of a remote.The old age period where people used manual door locks is long gone. Even that old Miami locksmith personnel no longer uses manual door. The manual door locks are no longer a safer option since they can be easily be broken into by thieves or burglars who can diminish your assets and cause lot of damage. Another disadvantage of the Manual door locks is duplication. Duplication facilitate the process of making similar keys which increases incidences of crime. To minimize the possibility of car being stolen or b urglars invading your home, an effective digital door locking system should be purchased. One can purchase the lock from a Miami Locksmith personnel.The keyless entry remote is made up of a flexible keypad, an electronic circuit and a battery. Usually, the electronic circuit of each keyless remote is uniquely designed so that it cannot be misused by other users. They keyless remotes have the capacity to lock and unlock doors from a far distance say of 2 kilometers away. Thus with the device, one can unlock the door from a distance of up to 2 kilometers.

Pictures and Profiles of Therizinosaur Dinosaurs

The Morality Of Legal Official - 1573 Words

B. The Morality of Legal Official There are two possible conceptions of legal official in Fuller’s account: the broad and the narrow conceptions. Both conceptions of legal official share the view that the legal officials should: (i) see themselves as the legal members within the legal system (ii) contribute in creating and in administrating the system of general rules (iii) constraint their law-jobs under the idea of ‘role morality’ to keep the law’s integrity in virtue of the maintain of human interactions, the general rules, the rule of law, and the fidelity of law. Both conceptions of legal official, however, differ in the scope of membership and the degree of morality performance. On the on hand, the broad conception of legal official†¦show more content†¦In the meantime, the core of any ethical code like this must promote the morality task of lawyers, which is â€Å"to find ways by people can live, and work together successfully†. This is because, as Fuller observes, p eople cannot live and work together without some organizing principle, such as rule, system, and order that will resolve conflicts and promote cooperative action. There are four principles ways by which men may achieve the necessary. When it comes to the narrow conception of legal official, on the other hand, Fuller exclusively addresses the lawgiver’s point of view. The lawgiver or legislator, Fuller argues, should regard as occupying a distinctive and limit role that could be called a ‘role morality’. This morality is an actual duty that attaches to the performance of lawgiver as someone who is in the chain of command and official. In adopting this perspective, Fuller attempts to attack the common view that ignores the morality duties of lawgiver that submit to his official performance. He argues despite the fact that this common view, which is a one-way project of positivism authority , might be recognized some external requirements or constitutional restrictions over the authority of lawgiver; this view always remains short because it denies the morality of official that determinates by the most important function of the job of lawgivers in making and administrating the laws. In further explaining to the morality duty of lawgiver, it seems that FullerShow MoreRelatedThe Morality Of Law By John Finnis929 Words   |  4 Pagesof lawmaking as the internal morality of law. An analogy was given by him with his principles of legality being labelled as the rules to using the tool, law. If the rules are not followed then the tool cannot be used to its fullest extent and thus the definition of the law is not realised. Accommodation to the principle is morale as it helps in achieving a human’s greatest purpose in life. His idea of internal morality of law is illustrated in his book, The Morality of Law, through a story of aRead MoreHerbert Lionel Adolphus Hart : The Relationship Between Law And Moral Theory827 Words   |  4 Pagesotherwise between law and morality from the perspective of Herbert Lionel Adolphus Hart (HLA Hart) and Lon Fuller. Legal positivism, as propagated by Thomas Hobbes and HLA Hart is the idea that legal systems are composed only of positive law, which does not necessarily mean that law is not connected to morality at all. Hart proposed the concept of legal positivism by disassociating positive law from the imperative theory of law, moral philosophies, and analytical aspects of legal language. Hart characterizedRead MoreThe Legal And Political Systems751 Words   |  4 PagesIntroduction It is noteworthy that the legal and political systems are fundamentally different in the first place due to the diverse perspectives of the world, and they have developed into two separate entities with their own purposes and model in the society. Therefore, it is unlikely that they share common philosophy and practices. However, like most other disciplines in the society, sometimes law and politics overlap to achieve a common goal, sometimes they complement each other and at otherRead MoreHarts Theory Essay1718 Words   |  7 Pages When Hart began forming his legal theory a dominant view in legal theory literature was that law is best understood as the command of a sovereign to its subjects. The command theory most actively propounded by, and identified with Austin, explained law as a matter of commands by a sovereign who is habitually obeyed by others, but who does not habitually obey others. 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This is evident as we have seen a lot of legal theorists trying to come with answers to the question. Ronald Dworkin says it is à ¢â‚¬Å"a set of explicitly adapted rules and ought to maximise the general welfare† , Fuller on the other believed â€Å"law should withstand the scrutiny of reason and opposed the idea of legal positivism that law is no higher than a particular authority† , John Austin defined it to be â€Å"the command of the sovereignRead MoreThe Distinction Between Natural Law And Legal Positivism Essay1747 Words   |  7 Pagesscrutinize and define the distinction between natural law and legal positivism. I will make distinctions regarding advantages and disadvantages of the definitions of the theories of natural law and legal positivism. By focussing on slavery as an example I will be looking at various theorists and their theories thereby attempting to make sense and find clarity in this regard. Furthermore to understand the aspects of natural law and legal positivism, one has to understand the theories of Cicero, ThomasRead MoreLegalism And Confucianism : The Fundamental Basi s Of Traditional Chinese Culture1623 Words   |  7 Pageseffective administration in all forms of social and legal affairs. The amalgamation of two prominent Chinese philosophies amounted to immense success by creating a framework of domestic laws that was a partnership between the Confucian orthodox ideology and a structurally Legalist state. Such a system of legal code which eventually shaped contemporary social, ethical and political aspects of Chinese culture, allowed for Confucianism’s emphasis on morality, social relationships and virtue to coincide withRead MorePositivist Theories Of Law And Morality1660 Words   |  7 Pagesalso state that there is no necessary connection between law and morality and rejects the idea of a higher law. Classical legal positivism was first founded by Jeremy Bentham (1748-1832). Bentham’s aim was to provide an alternative to what he saw as ‘errors of the conventional jurisprudence’ of his time. His ideas were later developed by John Austin, who promoted the ‘Command Theory’ of law. HLA Hart was very much in favour of legal positivism; however, he didn’t agree with some of the concepts outlinedRead MoreThe Legalization Of Same Sex Marriage1091 Words   |  5 Pagesbeen legal in all fifty states of America. It is harmful because In the name of the â€Å"family,† same-sex â€Å"marriage† serves to validate not only such unions but also the completely homosexual lifestyle in all its bisexual and transgender variants. Legal recognition of same-sex â€Å"marriage† would necessarily unclear certain basic moral values, devalue traditional marriage, and weaken public morality. The State becomes its official and active promoter of same-sex marriage and orders public officials to officiate

Structures in Prevailing Market Structure

Question: Discuss about the Structures in Prevailing Market Structure. Answer: Every industry has a prevailing market structure. In economics, market structure refers to the specific social organization that exists between buyers and sellers in a particular market. They are models of markets that describe a specific social structure between buyers and sellers of that market. It is the pattern in which buyers and sellers in a particular market are arranged together. Various characteristics determine the market structure, among them the relations of sellers in the market to each other, the relations of buyers in the market to each other and the relationship of sellers to the buyers. The major types of market structures are an oligopoly, monopoly, perfect competition, and monopolistic competition. There are various features of a market structure. The degree of seller concentration determines the number and size distribution of firms producing a given commodity in the market. In addition, the level of buyer concentration reflects the number and size distribution of customers for a particular market (Ellisckson n.d.). Similarly, the extent of product differentiation determines the difference in the products produced by various firms. Lastly, the condition to market entry is also necessary for market structure determination (Levin 2009). All these features help determine whether a market is an oligopoly, monopoly, or perfectly competitive. Oligopoly Market Structure in Australia An oligopolistic market structure has few large firms dominate the market. Often, these companies have a significant market share and high market power. Although only a few large corporations dominate the market, it possible for small business to also operate in the market. However, the big businesses collude in the market to create high barriers to entry, making it difficult for small firms to thrive in the market. The products in this market are highly differentiated. As a result, the competition is often of non-price factors (Tyers 2014). Additionally, the actions of firms in this market are interdependent. As such, the actions of one firm affects the other businesses in the industry. It is worth noting that oligopoly is the most predominant market structure in Australia. Various industries are served by oligopolistic firms, among them supermarkets, and the air transport sector. In Australia, two major supermarket chains control the industry. Specifically, Coles and Woolworths control between 70 and 80 percent of the total market share (Australian Oligopolies 2014). The remaining 30 percent is a small boutique niche occupied by the IGA group, Aldi and a raft id smaller independent businesses (Supermarket Sweep 2013). Monopolies Market Structure A monopolistic market structure is characterized by the dominance of one single seller in the entire market. In this market, the firm can determine and sets its prices at a point that maximizes its profits. There are great barriers to entry in this market caused by either the presence of technological barriers, high capital requirements, patents, government regulations and distribution overheads (Irvin 2010). Consumers have limited choices as the monopolists products often lack close substitutes. This market condition usually arises from take-overs, mergers, and acquisition of firms. Monopolies can be established by the government, form by integration or form naturally. The Australian Securities Exchange is a perfect example of a monopoly market structure. The Securities Exchange has great dominance in the important markets of banking and finance. It has evolved its business to the point where it fuses with the apparatus of government (Khan 2016). However, the Australian Securities market is flawed with continuous regulatory concession. There is limited competition. As a result, there is increased costs to the end users, especially investors and fund managers in the country (West 2013). In addition, monopolies stifle innovation and advancement rendering the market is inefficient. Monopolistic Competition in Australia This market structure combines the elements of perfectly competitive market and monopolies. Its a form of imperfect competition where many sellers produce differentiated products. Hence, their products are nor perfect substitutes as products differ regarding quality and branding. It is worth noting that a firm often takes the prices charged by other businesses and ignores the effect of its actions to that of its rivals (Krugman Obstfeld 2008). Additionally, the market is characterized by a few barriers to entry and exit. Usually, consumers perceive that there are non-price differences among the competitor's products, and therefore do not consider these products as perfect substitutes. Goods are heterogeneous. As a result, competition monopolists compete on non-price factors based on this subtle product differentiation (Pettinger 2008). In short run, firms may make supernormal profits. However, in the long-term, it will only break even, making normal profits. This can be attributed to the fact that demand decreases and the average costs increase over the long term (Baum McPherson 2012). This suggests that a monopolistically competitive market makes zero economic profits in the long-term. Producers have some degree of control over their price. The Hotel and Restaurant industry in Australia is a good example of monopolistic competition in Australia. As such, there are various major restaurants in the country which exercise a degree of market power based on their differentiated products. The top restaurants in the country include Attica, Sepia, Quay, Ester, Sixpenny, Bennelong, and Rockpool, among others (Australias Top Restaurants 2016). Notably, product differentiation among restaurants permits market segmentation which in turn enables individual businesses to set their prices within limits (Monopolistic Competition 2006) Restaurants often rely on advertising their products and menus to highlight the real and perceived differences between their products and those of the competitors. It is the optimal level of advertising expenditures that maximizes the firms profits. Conclusion The structure of a given market plays a significant role in determining the relationship between its constituents. The market structure influences the degree of competition, the number of firms, and the number of sellers. Similarly, it determines the extent of product differentiation in the market. In Australia, there are various market structures such as monopolies, oligopolies, monopolistic competition. 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