GSB013: Supermarkets and Grocery Stores in Australia - Economics for Managers: - Management Assignment Help

Assignment Task:

Task:

The Supermarkets and Grocery Stores industry is one of the most fiercely competitive industries in Australia. However, price-based competition has begun to decrease over the past two years. The rapid expansion of ALDI has significantly altered the industry's operating landscape, with the popularity of its low-cost private-label products underpinning strong growth. ALDI's rise has forced the two established industry giants, Woolworths and Coles, to cut prices and expand their private-label product ranges in response. Smaller supermarket chains have struggled to compete in an increasingly price-competitive industry. Industry profit margins have fallen over the past five years as players have reduced prices and accepted lower margins to stay competitive. In response, Coles and Woolworths have invested more in their brands and operations over the past two years.

Aims of this Unit

Leaders and managers make optimal economic choices and decisions about the critical factors which drive their organisation, so they can compete effectively within local, national and global economic systems. This course aims to introduce the underlying principles of micro and macro- economics for business.

Knowledge and Understanding

This unit is designed to provide students with an understanding of:

• The nature and method of economic thinking
• Scarcity, demand, supply, costs and prices in a market economy
• Operation of competitive, oligopolistic and monopolistic markets
• Role of government and other levers in the Australian national economy
• Contemporary economic issues as they affect private and public business sectors.

Learning Outcomes

Following completion of this unit, participants should be able to:

1. Describe and relate to their business environments the economic concepts of supply and demand, opportunity costs , marginal costs, trade-offs, externalities, transactions costs, comparative advantage, price elasticity and inflation.
2. Explain market-exchange processes and discuss the impacts of monopoly and competition on market performance.
3. Demonstrate an understanding of monetary and fiscal policy in Australia and show how national and global interest and currency rates affect business decisions.
4. Evaluate the use of economic concepts and policies to improve thinking and decision making in business.
5. Critically analyse economic impacts from rapidly changing environmental factors.
6. Demonstrate a high order of skill in analysis, critical thinking and professional application.
7. Demonstrate creativity and flexibility in the application of knowledge and skills to new situations, to resolve problems and to think rigorously and independently.

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