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Essay / Research Paper Abstract
This 6 page paper looks at the way a firm may consider their strategy by looking at the way competing firms will react or respond. The way this occurs is explained with the use of game theory using the fashion industry and Burberry as an example. The bibliography cites 4 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEburgame.doc
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Unformatted sample text from the term paper:
still remains a high level of competition. When determining strategies the organization has to remember the level of competition, which means that the outcome of the strategies may be considered
not only in terms of the direct impact on the market and consumers, but the way in which the competition may react. For example, if Burberry decided they can increase
sales by reducing prices to become more competitive, this may work in the short term. However, the benefit achieved from having a price lower than the competition may only be
short-lived if the competition reacts in the same way. Therefore, it is necessary consider the way in which competing firms may react to strategies which are undertaken. A useful approach
for the company is that of game theory. Game theory is a strategic tool which can help in the decision making process by providing a framework which will help to
identify the most profitable, almost advisable strategy, in a competitive environment. It is useful to consider different strategies, as it is likely that at some point in the strategizing process
the firm will need to make a comparison or evaluation between two different courses of action, and can be used to assess the way in which strategies the organization may
impact on competition, which in turn will impact on the organization itself. In this context the strategies may be seen in the context of the game, with different organizations being
the players. Game theory is best applied, and demonstrated, in oligopoly conditions. The oligopoly model is where there is a structure where there are either only a few operators competing,
or the market is dominated by only a few operators, even if they are operating under subsidiary companies. In reality it may be argued that the oligopoly model is not
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