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Business Economics - Microeconomic concepts
Pages 6 (1506 words)
Business Economics - Microeconomic concepts Introduction According to Sloman and Sutcliffe (2004), Business Economics is “economic decision making by firms” (p.5). The primary objective of all organizations, irrespective of service or manufacturing, is to make profit.
Headquartered at Atlanta, Georgia Ritz Carlton is one of the prominent hotel groups in the global service industry. It has one central office, seven international offices, 24 hotels in North America, 2 in Europe, 2 in Australia, 8 in Asia, as of 1999 (The Ritz Carlton Hotel Company at a glance, 1999). Ritz Carlton needs to adopt a suitable market structure to compete effectively in the global service market. This paper analyses various market structures prevailing in the service industry and recommend monopolistic competition as the suitable market structure for Ritz Carlton. Basic business objectives of Ritz Carlton Ritz Carlton is currently trying to expand to overseas markets. The increased readiness of overseas countries in recent times in attracting foreign direct investment is helping Ritz Carlton to think positively about market expansion. Since competition is different in different regions, the objective of Ritz Carlton is to identify less heavily competitive service markets across the world. Asia is the rapidly emerging region at present and Ritz Carlton is giving more attention to this region at present. Identification of proper market structure is necessary for Ritz Carlton to excel in emerging markets. ...
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