ECO600 : Economics And Finanace For Business - Primary Research (field research) And Secondary Research - Research Report Assignment Help

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Economics And Finanace For Business Report Assignment Help

TASK

1. Select two nearby businesses in the same industry that are considered competitors. Location: Manly or in the city.

Suggestions: two leading cafes (e.g., Starbucks and Max Brenner), restaurants (e.g., Thai or Japanese, poke-bowl shops, Hungry Jacks and McDonalds, Hugos and The Bavarian), organic food stores, big clothing retailers (e.g., Uniqlo and H&M), pharmacies etc.

2. Carry out two types of research: primary research (field research) and secondary research.

Field research is to be carried out as groups: collect, through observation, information about the pricing of the product or services offered (in menus and/or the price boards) and the non-price strategies used (Optional: you may speak to store owners, managers or knowledgeable employees to inquire further about pricing, non-price and growth strategies and so on. Share information with the team) Secondary research is to be done individually: find other information about the companies you have investigated (or the same type of companies, whether located in Australia or internationally) to learn about the state of competition in their industries, how they try to grow their businesses, and how they might compete on price- and non-price bases. The sources of information: journal articles, books, working papers, company, government or industry reports or reputable newspaper articles (Avoid blogs).

3. Using the information you gathered, write a report that addresses the questions below.

Market structure What is the state of competition (market structure) in the industry? Who are the competitors? Are there new entrants? What are the barriers to entry, in your opinion? What market share (roughly) might each of the competitors have? How is competition unfolding in this industry (either in the case you selected in Manly or the city, or in general – across the country or worldwide). In other words, what are some interesting stories or developments that have happened in this industry in terms of competition? Growth strategies Is the business focusing on its ‘core competencies’? Or are they also branching out to provide other products or services? Do you think that this business should grow or expand? If yes, in what way? Organic growth, horizontal growth, vertical growth, or differentiation? How, specifically? Pricing strategies What strategies the two businesses using? How are their strategies different (or the same)? Why might they be different (or the same)? What might be their goal of using a certain strategy rather than another, in relation to the one their rival is using? If you were a new business intent on competing with them (or if you were one of the two businesses), how would you use pricing and non-pricing strategies or modify existing ones to give your business an edge over rivals? Justify your answer (that is, discuss why)

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