Introduction :: Economics

IntroductionThe aim of this coursework is to use economic theory and relieve howsuper food markets in my argona compete for custom. To provide a faircompetition, the quad dominant super markets, Sainsbury, Asda, Tescoand Morrisons are chosen. I shall investigate how the big quadrupletcompete for profit against each other in Leicestershire.Research intendTo prevent complications the class is divided into 4 groups accordingto their local supermarkets and accessibility. for each one student isprovided a price check list with a apprehend list of common items andcompares each different supermarkets product listing.This is the elementary plan but comprehensive analysis and researchtechniques shall be started later on as we familiarize with economicskill and business understanding of these clever large besotteds.Competition TheoryThe medium in which a monetary deputize on a basis of business determinetakes regularize is known as The selling System or The selling Industry.Now The Market is such a draw a bead on where buyers and sellers meet(outdoor/indoor) to exchange goods and services for a monetary value.The Buyer is actually the customer, consumer or the oecumenic public.In the U.K. Market is more defined as a place of competition, wheresurvival of the fittest is the only necessary skill. A market can bean opportunity for success or a road to downfall.There are two kinds major kinds of businesses in a market that are produce Orientated stockes and Market Orientated Business.A Market Orientated Business is where the focused product is producedfirst and then a market place is searched for it.Whereas,A Product Orientated Business is where the market environment and itsdemands are recognized first and then the product manufacturedaccordingly. This process of discovering the inevitably and investigatingopportunities in a market is called Market Research. A marketorientated business is more likely to have a Marketing Budget as ithas performed market r esearch and knows the pros and cons of themarketable product and hence can assure a financial plan for a condition period of time and value , say a 5 age plan of 1millionpounds.The market is risky and tricky place for both buyers and sellers. Thesellers loss to drain the maximum money out of the public pocket. The sellers goal is to sell a.Product for the maximum price and the buyers is to buy a product forthe minimum cost. In order to prevail their goals notcoincide, the sellers try to provide satisfaction for the productsthey sell. Its all to the highest degree the customer needs.For example if a manufacturer (Asda) decides to enter the toy market,the firm will do a market research and try to predict the choice of