peer response

I’m trying to study for my Economics course and I need some help to understand this question.

please respond to the 2 peer responses

Market Structures

Using the company that you have selected for your Assignments, respond to all of the below prompts:

  • What market structure does your company exemplify, in your opinion?
  • Justify your choice by answering the questions below:
    • What is the approximate number of sellers in your market?
    • What are the barriers entry for new competitors?
    • How much market power does your company possess?
    • How much differentiation is there between the products of your company and those of its competitors?
  • How does your company’s market structure impact the options you have for pricing practices?

peer #!

  • What market structure does your company exemplify, in your opinion?
    • Since my organization works within the government specifically the U.S. Navy, the structure it exemplifies the most is a Monopoly. I say monopoly because it is the only organization within the Navy that provides warrior care services besides SOCOM Care Coalition which specifically provides warrior care services to the Special Operations units within the Navy. However, the Navy Wounded Warrior Program is overall responsible (3).
  • Justify your choice by answering the questions below:
    • What is the approximate number of sellers in your market?
      • Within the Navy we are exclusive in providing our services. We have no other competitor.
    • What are the barriers entry for new competitors?
      • The main barrier to entry for another program like ours is that they would need to seek congressional approval to operate alongside us. Our organization was created funded and mandated by congress in 2007 as the sole provider of warrior care services and as such, no other program will be created or funded.
    • How much market power does your company possess?
      • We possess 100% of our market.
    • How much differentiation is there between the products of your company and those of its competitors?
      • Navy Wounded Warrior Program does not compete against other programs within or out of the government therefore we can only differentiate ourselves from how our sister programs are structured. Due to congressional mandate all the services must abide by a single policy guideline. This Instruction provides us with our organizational structure, operations guidelines and dictates our service parameters.
    • How does your company’s market structure impact the options you have for pricing practices?
      • The annual budget we receive to run yearly operations is fixed and not guided by revenue but by how the federal government is doing. A cut or diversion in military funding may impact programs like ours either negatively or positively.
      • Where pricing practices can affect us is during the annual budget review and cost of maintaining programs like ours. Congress reviews our performance and number of wounded, ill and injured service members we have cared for and based on these and other metrics makes the determination to either increase or decrease our funding.

References:

  1. Costs of War retrieved from https://watson.brown.edu/costsofwar/costs/economic
  2. Department of Defense Recovery Care Coordination Program retrieved from https://warriorcare.dodlive.mil/files/2016/03/DoDI-Recovery-Care-Coordination_1300.24.pdf
  3. JWI 515 Week 6 Lecture notes Competition and Pricing Practices.

peer #2

What market structure does your company exemplify, in your opinion?

Verizon Business Markets (VBM) exhibits an oligopolistic market structure. The entity operates in an industry with a handful number of competitors. Such include AT&T, COX, RCN, T-Mobile, and several others (Gara, 2017). As such, VBM and the other competitors exist by offering similar products that are differentiated to give the seller significant competitive advantages. Consumers utilizing the products marketed by the entities in the sector are further price takers (Brock, 2015).

Justify your choice by answering the questions below:

What is the approximate number of sellers in your market?

There are about fifty to one hundred business organizations in the U.S. offering the same products as Verizon Business Markets. The number of frontline players in the industry is, however, smaller than thirty. Such a number is extremely small compared to the millions of Americans and other global markets that the entities serve. A rough estimate of the number supplied by each firm shows that an individual company in this industry thus serves about eleven million consumers. As such, McMurray and Seidenberg’s (2018) argument that Verizon Corporation serves three out of five of the U.S. market means that the organization sells its products and services to about one hundred and ninety Americans, based on the present American population of about 330 million persons (U.S. and World Population Clock, 2020).

What are the barriers to entry for new competitors?

The American IT sector requires a company to have a significantly larger amount of capital, as well as be in the market for a longer while to enjoy good business. Not many young or small entities can afford such kind of money, hence making it very hard for new entrants in the industry to survive. Other barriers include the need to master the market trends, as well as make continuous innovations to differentiate products (Brock, 2015).

How much market power does your company possess?

Verizon Corporation controls three out of five of the American IT sectors. The organization is the main provider of 4G and 5G networks in the country. Similarly, Verizon Corporation is the owner of the under ocean internet cable that provides internet to the world.

How much differentiation is there between the products of your company and those of its competitors?

The ability to offer reliable 4G and 5G networks allows Verizon Corporation to control a significant portion of the market. The organization undertakes continuous innovations to serve as the market leader. As well, Verizon Corporation has the VBM division, which markets the company’s products while allowing the other divisions to take care of the innovation bit (McMurray & Seidenberg, 2018). All these make the organization substantially different from competitors.

How does your company’s market structure impact the options you have for pricing practices?

Operating in an oligopolistic market structure allows VBM to have noteworthy freedom to control the prices it charges on its products. However, the point that the other large competitors have the ability to sacrifice high profits to make sales compels VBM to be sensible on the prices it charges (McMurray & Seidenberg, 2018).

References

Brock, J. W. (2015). The Structure of American Industry. Thirteenth Edition. Waveland Press.

Gara, A. (2017). The World’s Largest Telecom Companies: AT&T and Verizon Top China Mobile. Retrieved from https://web.archive.org/web/20170603114725/https://www.forbes.com/sites/antoinegara/2017/05/24/the-worlds-largest-telecom-companies-att-and-verizon-top-china-mobile/#2738a706a452

McMurray, S., & Seidenberg, I. (2018). Verizon untethered: An insider’s story of innovation and disruption. New York: Post Hill Press, Los Gatos: Smashwords Edition.

U.S. and World Population Clock (2020). United States Census Bureau. Retrieved from https://www.census.gov/popclock/

peer response

I’m trying to study for my Marketing course and I need some help to understand this question.

Channels and Metrics

Choose one digital, social media channel and one traditional channel that you plan to use in your marketing campaign. For each channel, answer the following questions:

  • Why is this channel an appropriate choice to promote your product or service?
  • What type of data will you be able to collect related to your use of this channel in your campaign?
  • Would PAR and BAR metrics be useful in assessing your return on investment for this channel? Why or why not?

Now consider the company’s own website, which is also a marketing channel. Answer the following questions about the company website:

  • What type of content will be needed on your own website to support the launch of a new product or service?
  • What type of data will you be able to collect related to your use of the company website in your campaign?
  • Would PAR and BAR metrics be useful in assessing your return on investment for your company’s website? Why or why not?
  • reply to at least 2 of your classmates

peer #1

COLLAPSE

Good morning, professor and classmates! I hope you are all doing well so far this week! One of the channels that I am using to promote my product, SafeAlert is Facebook. Now, I will admit at first I thought Facebook was the easy choice due to its popularity, and I would very easy to use emotionality to promote the brand to a wide audience. I could have some success going that route, but really would be taking a huge gamble by blindly putting it out there in the virtual world. However, since I use the business side of Facebook in the “real world”, I chose the channel due to that I can easily select a population of choice to determining PAR and BAR. These would be very helpful by determining if people are acting on the awareness of the product (PAR) and then if they are taking the next step through sharing with their friends and family (BAR). If effective, the brand would start to spread throughout other communities, which we could determine, and the time to spread the product further could be determined.

I’ve thought about how the website would function alot over the past few weeks, especially considering the nature of SafeAlert and what I am trying to accomplish. The purpose of the social media posts are to strike that nerve of emotion and get the customer to act. However, the website needs to be more detailed with the information for the customer. Along with this, we could use information such as customer testimonies and other details that you normally would not share on social media. People click on ads with social media out of interest, but websites seems to be more intentional. I am not too sure that the site PAR or BAR would show be as effective as social media, but would be an effective tool to measure searches for SafeAlert and clicks on the website to get to the point of purchase.

Week 6 Lecture Notes https://blackboard.strayer.edu/bbcswebdav/institution/JWMI/518/DOCUMENTS%201196/JWI518_WK6_LectureNotes_1196.pdf https://blackboard.strayer.edu/bbcswebdav/institution/JWMI/518/DOCUMENTS%201196/JWI518_WK6_LectureNotes_1196.pdf https://blackboard.strayer.edu/bbcswebdav/institution/JWMI/518/DOCUMENTS%201196/JWI518_WK6_LectureNotes_1196.pdf https://blackboard.strayer.edu/bbcswebdav/institution/JWMI/518/DOCUMENTS%201196/JWI518_WK6_LectureNotes_1196.pdf

peer#2

The digital channel I will use to promote the Jack Welch MBA is email. In using this platform, I will be able to reach a broad and willing audience while also keeping costs relatively low, leading to positive returns. Instead of generic emails, personalized emails addressed to each recipient, will lead to more return responses. The response will then lead us to act appropriately depending on if the potential student desires more information or if they are not interested. PAR (Purchasing Action Ration), which measures how good companies convert people who are aware of them into purchase actions, would be useful in accessing return on investment for this channel (JWI, 1). Making potential students aware of JWMI and what we have to offer will hopefully then lead to enrollments.

The social media channel I will use to promote JWMI is LinkedIn. In using this professional social media channel, I will be able to reach students and professionals alike that are looking for a platform for career growth (Garg, 2). In making contact with potential students, I will have access to their LinkedIn page, which outlines their educational and work history. Using this will provide a good indicator as to whether or not they will be the right applicant for our program. I will use PAR metrics regarding LinkedIn. Informing people of our program through pages such as the Jack Welch Management Institute (JWMI) Networking Group allows candidates to read stories of success and triumph od students participating in our program (JWMI, 3). On LinkedIn, we also include videos from Jack Welch, where he provides words of wisdom from the business world, which also helps draws people to our program.

The traditional channel I would use in my marketing campaign would be direct mail. Direct mail will give my audience a hard copy of the material that they can refer to at any time (Cave, 4) It will be hard to collect data using this method of marketing, but it will make people aware of JWMI and what we have to offer. This method of outreach will get to those potential students who are not on LinkedIn or whose email address we do not yet have. I am not sure that the BAR or PAR metrics would apply here. It is hard to gauge a conversion rate from outreach via mail to enrollments.

The content I would provide on my the website would be that of return on investment, practical learning, a flexible program, testimonials from current students and alumni, and a showcase of JWMI top rankings.

I will collect data from Poets & Quants to support the statistics that verify our rankings (Poets & Quants, 5). I will also utilize our JWMI networking site on LinkedIn along with our JWMI Connect website so students can witness the success stories of students in our program.

The PAR metrics would be the most useful in assessing our return on investment for my website in that we can track how the different methods of outreach lead to conversion rates of students. I would also add that the BAR metrics will be useful for us once students and alumni are in our program in measuring how JWMI will convert people into being loyal advocates for us (Truelson, 6).

Best,

Karyn

References:

  1. JWI 518. Week 6. Lecture Notes
  2. Bhanu Garg. 2017. Why LinkedIn is better than Other Social Media Networks for Business https://www.linkedin.com/pulse/why-linkedin-better-than-other-social-media-networks-business-garg/
  3. Jack Welch Management Institute Networking Group https://www.linkedin.com/groups/4250722/
  4. Julie Cave. 2016. Digital Marketing vs. Traditional Marketing: Which One is Better? https://www.digitaldoughnut.com/articles/2016/july/digital-marketing-vs-traditional-marketing
  5. Poets & Quants https://poetsandquants.com/2019/10/14/the-top-online-mba-programs-of-2020/?pq-category=online-mba-news&pq-category-2=online-mba-rankings
  6. Mark Truelson. 2019. Bringing to Life BAR and PAR http://marktruelson.com/bringing-to-life-par-bar/

peer response

I’m trying to study for my Economics course and I need some help to understand this question.

please respond to the 2 peer responses

Market Structures

Using the company that you have selected for your Assignments, respond to all of the below prompts:

  • What market structure does your company exemplify, in your opinion?
  • Justify your choice by answering the questions below:
    • What is the approximate number of sellers in your market?
    • What are the barriers entry for new competitors?
    • How much market power does your company possess?
    • How much differentiation is there between the products of your company and those of its competitors?
  • How does your company’s market structure impact the options you have for pricing practices?

peer #!

  • What market structure does your company exemplify, in your opinion?
    • Since my organization works within the government specifically the U.S. Navy, the structure it exemplifies the most is a Monopoly. I say monopoly because it is the only organization within the Navy that provides warrior care services besides SOCOM Care Coalition which specifically provides warrior care services to the Special Operations units within the Navy. However, the Navy Wounded Warrior Program is overall responsible (3).
  • Justify your choice by answering the questions below:
    • What is the approximate number of sellers in your market?
      • Within the Navy we are exclusive in providing our services. We have no other competitor.
    • What are the barriers entry for new competitors?
      • The main barrier to entry for another program like ours is that they would need to seek congressional approval to operate alongside us. Our organization was created funded and mandated by congress in 2007 as the sole provider of warrior care services and as such, no other program will be created or funded.
    • How much market power does your company possess?
      • We possess 100% of our market.
    • How much differentiation is there between the products of your company and those of its competitors?
      • Navy Wounded Warrior Program does not compete against other programs within or out of the government therefore we can only differentiate ourselves from how our sister programs are structured. Due to congressional mandate all the services must abide by a single policy guideline. This Instruction provides us with our organizational structure, operations guidelines and dictates our service parameters.
    • How does your company’s market structure impact the options you have for pricing practices?
      • The annual budget we receive to run yearly operations is fixed and not guided by revenue but by how the federal government is doing. A cut or diversion in military funding may impact programs like ours either negatively or positively.
      • Where pricing practices can affect us is during the annual budget review and cost of maintaining programs like ours. Congress reviews our performance and number of wounded, ill and injured service members we have cared for and based on these and other metrics makes the determination to either increase or decrease our funding.

References:

  1. Costs of War retrieved from https://watson.brown.edu/costsofwar/costs/economic
  2. Department of Defense Recovery Care Coordination Program retrieved from https://warriorcare.dodlive.mil/files/2016/03/DoDI-Recovery-Care-Coordination_1300.24.pdf
  3. JWI 515 Week 6 Lecture notes Competition and Pricing Practices.

peer #2

What market structure does your company exemplify, in your opinion?

Verizon Business Markets (VBM) exhibits an oligopolistic market structure. The entity operates in an industry with a handful number of competitors. Such include AT&T, COX, RCN, T-Mobile, and several others (Gara, 2017). As such, VBM and the other competitors exist by offering similar products that are differentiated to give the seller significant competitive advantages. Consumers utilizing the products marketed by the entities in the sector are further price takers (Brock, 2015).

Justify your choice by answering the questions below:

What is the approximate number of sellers in your market?

There are about fifty to one hundred business organizations in the U.S. offering the same products as Verizon Business Markets. The number of frontline players in the industry is, however, smaller than thirty. Such a number is extremely small compared to the millions of Americans and other global markets that the entities serve. A rough estimate of the number supplied by each firm shows that an individual company in this industry thus serves about eleven million consumers. As such, McMurray and Seidenberg’s (2018) argument that Verizon Corporation serves three out of five of the U.S. market means that the organization sells its products and services to about one hundred and ninety Americans, based on the present American population of about 330 million persons (U.S. and World Population Clock, 2020).

What are the barriers to entry for new competitors?

The American IT sector requires a company to have a significantly larger amount of capital, as well as be in the market for a longer while to enjoy good business. Not many young or small entities can afford such kind of money, hence making it very hard for new entrants in the industry to survive. Other barriers include the need to master the market trends, as well as make continuous innovations to differentiate products (Brock, 2015).

How much market power does your company possess?

Verizon Corporation controls three out of five of the American IT sectors. The organization is the main provider of 4G and 5G networks in the country. Similarly, Verizon Corporation is the owner of the under ocean internet cable that provides internet to the world.

How much differentiation is there between the products of your company and those of its competitors?

The ability to offer reliable 4G and 5G networks allows Verizon Corporation to control a significant portion of the market. The organization undertakes continuous innovations to serve as the market leader. As well, Verizon Corporation has the VBM division, which markets the company’s products while allowing the other divisions to take care of the innovation bit (McMurray & Seidenberg, 2018). All these make the organization substantially different from competitors.

How does your company’s market structure impact the options you have for pricing practices?

Operating in an oligopolistic market structure allows VBM to have noteworthy freedom to control the prices it charges on its products. However, the point that the other large competitors have the ability to sacrifice high profits to make sales compels VBM to be sensible on the prices it charges (McMurray & Seidenberg, 2018).

References

Brock, J. W. (2015). The Structure of American Industry. Thirteenth Edition. Waveland Press.

Gara, A. (2017). The World’s Largest Telecom Companies: AT&T and Verizon Top China Mobile. Retrieved from https://web.archive.org/web/20170603114725/https://www.forbes.com/sites/antoinegara/2017/05/24/the-worlds-largest-telecom-companies-att-and-verizon-top-china-mobile/#2738a706a452

McMurray, S., & Seidenberg, I. (2018). Verizon untethered: An insider’s story of innovation and disruption. New York: Post Hill Press, Los Gatos: Smashwords Edition.

U.S. and World Population Clock (2020). United States Census Bureau. Retrieved from https://www.census.gov/popclock/