Barriers to Entry and Exit
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Barriers to entry and exit protect existing firms and allow them to maintain high profits. They include economies of scale, brand loyalty, and control of important technologies. Google faces few barriers to entry in search due to its vast scale and vertical integration advantages over potential competitors. Firms use strategies like limit pricing, predatory pricing, and brand proliferation to discourage competition. Industries with high minimum efficient scale and falling average costs are less contestable due to barriers to entry. Established firms have cost advantages from learning, integration, and scale that make entry difficult for competitors. Plant closures occur when price falls below average costs, showing the shutdown price.
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This document discusses new product development and the product lifecycle. It covers strategies for developing new products such as developing original products, product improvements, new brands and acquiring other companies' products. It also discusses causes of new product failures and outlines an 8 step new product development process. Finally, it analyzes the four stages of the product lifecycle: introduction, growth, maturity and decline.
mba 290-strategic analysis.ppt
This document provides an overview and introduction to strategic management concepts. It discusses the objectives of the course which are to understand strategic management frameworks and apply them to understand business performance, generate strategy options, assess options under uncertainty, select and implement strategies. It also defines key strategic management terms like strategy, levels of strategy at the corporate, business and functional levels, and competitive advantage. Sources of competitive advantage like cost advantage and differentiation advantage are introduced.
mba 290-strategic analysis.ppt
This document provides an overview of a strategic management course, including its objectives and concepts to be covered. The objectives are to familiarize students with strategic management frameworks and techniques, and to develop their ability to apply these concepts to understand business performance, generate and assess strategy options, and recommend effective strategy implementation. Key concepts that will be addressed include the levels of strategy (corporate, business, functional), sources of competitive advantage, profit maximization and value maximization, and frameworks for analyzing costs and identifying cost drivers across a company's value chain.
Similar to Barriers to Entry and Exit (20)
Contestable markets Re-Cap & intro to govt intervention
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Barriers to Entry and Exit
- 1. Barriers to Entry and Exit
- 2. Barriers to entry and exit • Block potential entrants from making a profit • Protect the monopoly power of existing firms • Maintain supernormal profits in the long run • Barriers to entry make a market less contestable
- 4. Economies of scale Vertical integration Brand loyalty Control of important technologies Expertise and reputation
- 5. Google’s Dominance – Entry Barriers Google controls almost 90 per cent of the search market in the UK, and almost 96 per cent of Google's revenue still comes from advertising Market Power Through Vertical Integration
- 6. Strategies to Limit Competition Limit pricing tactics Predatory pricing tactics Brand proliferation
- 7. Strategies to Limit Competition Limit pricing tactics Predatory pricing tactics Brand proliferation When a firm sets price low enough to discourage new entrants into the market
- 8. Strategies to Limit Competition Limit pricing tactics Predatory pricing tactics Brand proliferation When a firm sets price low enough to discourage new entrants into the market Setting an artificially low price for a product in order to drive out competitors
- 9. Strategies to Limit Competition Limit pricing tactics Predatory pricing tactics Brand proliferation When a firm sets price low enough to discourage new entrants into the market Setting an artificially low price for a product in order to drive out competitors Saturating the market with a huge range of similar products
- 10. Legal Entry Barriers Market licences Patent protection State awarded franchises Import controls
- 11. Cost & Price Output (Q) Costs and contestability in different industries Cost & Price Output (Q) Low MES, limited scale economies, contestable market High MES, falling LRAC, barriers to contestability LRAC LRAC P6
- 12. Cost & Price Output (Q) Costs and contestability in different industries Low MES, limited scale economies, contestable market LRAC Q1 Minimum efficient scale (MES) Scope for many firms to reach the MES P6
- 13. Q3Q2Q1 Cost & Price Output (Q) Costs and contestability in different industries Low MES, limited scale economies, contestable market LRAC Q1 Output (Q) High MES, falling LRAC, barriers to contestability Extensive internal economies of scale leading to lower LRAC LRAC Natural Monopoly Minimum efficient scale (MES) Scope for many firms to reach the MES Q4
- 14. Cost & Price Output (Q) Cost Advantages for Existing / Established Businesses Cost advantage for Firm A over a potential rival Firm B At output Q1 – firm A has a big cost advantage over a potential rival firm B Reasons? Firm B Firm A Q1 AC (B) AC (A)
- 15. Cost & Price Output (Q) Cost Advantages for Existing / Established Businesses Cost advantage for Firm A over a potential rival Firm B At output Q1 – firm A has a big cost advantage over a potential rival firm B 1. Learning economies 2. Vertical integration 3. Lower customer churn 4. Monopsony power Firm B Firm A Q1 AC (B) AC (A)
- 16. Cost , Price Quantity of output Plant close-downs and market exit MC AC AVC Remember that MC always cuts AC and AVC at the minimum points
- 17. Cost , Price Quantity of output Plant close-downs and market exit MC AC AVC AR MR Q1 P1
- 18. Cost , Price Quantity of output Plant close-downs and market exit MC AC AVC AR MR Q1 P1 C1
- 19. Cost , Price Quantity of output Plant close-downs and market exit MC AC AVC AR MR Q1 P1 C1 Business is making a loss here because P < AC i.e. sub-normal profit
- 20. Cost , Price Quantity of output Showing the shut down price and the normal profit price on a diagram – assume this firm is operating in a perfectly competitive market MC AC AVC
- 21. Get help from fellow students, teachers and tutor2u on Twitter: @tutor2u_econ