Introduction :: Economics

fundamentThe aim of this coursework is to use economic theory and explain how tiptop foodstuffs in my discipline compete for custom. To provide a faircompetition, the four dominant super markets, Sainsbury, Asda, Tescoand Morrisons are chosen. I shall investigate how the big fourcompete for turn a profit against each other in Leicestershire.Research PlanTo prevent complications the shape is divided into 4 groups accordingto their local supermarkets and accessibility. Each student isprovided a price check list with a complete list of normal items andcompares each different supermarkets ingathering listing.This is the basic plan yet comprehensive analysis and researchtechniques shall be started later on as we familiarize with economicskill and line of descent brain of these clever extended firms.Competition TheoryThe medium in which a monetary put back on a basis of business valuestakes place is cognise as The marting System or The food marketing Indus assay.Now The market place is such a place where buyers and alloters meet(outdoor/indoor) to exchange goods and services for a monetary value.The Buyer is actually the customer, consumer or the general public.In the U.K. Market is more defined as a place of competition, wheresurvival of the fittest is the tho necessary skill. A market can bean opportunity for achievement or a road to downfall.There are two kinds major(ip) kinds of businesses in a market that are increase Orientated Businesses and Market Orientated Business.A Market Orientated Business is where the focused product is produced low 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 needs and investigatingopportunities in a market is called Market Research. A marketorientated business is more likely to have a Marketing Budget as ithas performed market research and knows the pros and cons of themarketable product and therefore can foresee a financial plan for aspecified period of fourth dimension and value , say a 5 years plan of 1millionpounds.The market is risky and tricky place for both buyers and sellers. Thesellers want to drain the utmost 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 make their goals notcoincide, the sellers try to provide satisfaction for the productsthey sell. Its all about the customer needs.For subject if a manufacturer (Asda) decides to enter the toy market,the firm will do a market research and try to predict the choice of