Essay on "Competition the Reasons the Florida Department"

Essay 4 pages (1252 words) Sources: 3

[EXCERPT] . . . .

Competition

The reasons the Florida Department of Citrus advertises as a singular cooperative rather than on the basis of individual farms is because the market is competitive. Competitive markets have a number of traits that make them distinct. The price is set by the market, and this is the case with oranges. The product lacks differentiation, as is the case in most agricultural commodities. For the Florida Department of Citrus, the marketing is an attempt to brand Florida oranges as unique, which is possible given the unique climate and soil conditions of the state. However, the orange market remains largely undifferentiated.

In addition, there are numerous competitors in the market and there is relatively easy market entry and exit. Certainly there are numerous competitors in oranges, not just in Florida but California and other parts of the world as well. As a result, individual farmers would have difficulty distinguishing their products from those of other farmers. Market entry and exit is relatively easy, in that farms can be bought and sold easily.

There are competitors in the market around the world, and aside from tariffs, subsidies and other external constraints on price, the price of oranges is set by the global commodities market. Surpluses in one region can be exported around the world to offset shortages in another. The Florida website is an attempt to build the brand for Florida oranges so that its products are deemed to be sufficiently differentiated that they cannot be substituted with other oranges. The site is geared towards consumers, which raises an interesting point about the nature of this competition. Florida oranges are typically used to make juice. Juicemakers may understand that Florida oranges can be readily substituted with oranges from other parts of the world, but if the consumer can be convinced that other oranges are inferior, then juice makers will be compelled to make their juice from Florida oranges. That the product is not differentiated stems from perfect knowledge on the part of buyers; imperfect knowledge on the part of the end user can be leveraged to overcome that. The Florida marketing effort, therefore, is an attempt to create imperfect market conditions where perfect competition currently exists.

3. Monopolistic competition is a form of competition in which there are many competitors, somewhat difficulty entry or exit, products that are only partially differentiated and there is only some degree of price control on the part of the seller (No author, 2010). The fast food industry has these characteristics, and this shall be considered with respect to McDonald's, Burger King and Wendy's.

There are dozens of fast food chains, in addition to independent fast food outlets, in the United States. Each of these chains is slightly differentiated from one another. Whereas KFC is differentiated significantly by product, the three leading burger chains are only differentiated somewhat. The characteristics of the good in fast food in general is a low-cost filling food product focused on basic attractive flavor elements such as meat, salt, fat and sugar. The burger chains each have a menu focused on hamburgers, fries and soft drinks. The chains attempt to differentiate their products partially through differentiation of the non-core lineups (salads, desserts) but also by differentiation of the burgers themselves, with different sauces, cheeses and other elements. Consumers, however, still understand these differences to be superficial and still view the product as a burger, rather than a new product altogether. This view is consistent with the characteristics of monopolistic competition, in that the products are only partially differentiated. Firms attempt to compete on the basis of this partial differentiation.

With respect to price, fast food is defined by its low prices relative to other restaurant meals. Firms competing in the industry will attempt to use their points… READ MORE

How to Reference "Competition the Reasons the Florida Department" Essay in a Bibliography

Related Essays:

Ftaa Conference Essay

Ftaa Case Study

Even though there are specific areas that require much attention pertaining to the FTTA policies, the success of the summit meetings was because of effective proceedings of… read more

Essay 4 pages (1156 words) Sources: 4 Topic: Crime / Police / Criminal Justice

---

Feasibility Study for Shades of Green Resort Orlando Florida Term Paper

Shades of Green

This project will explore a myriad of factors associated with the Shades of Green Resort in Orlando Florida. These factors include the type of business it is… read more

Term Paper 14 pages (3642 words) Sources: 1+ Topic: Recreation / Leisure / Tourism

---

Evaluating the Chosen Companies Dissertation

Competition Between McDonald's, Burger King, and Wendy's: The Finances of Fast Food

The following research proposal demonstrates the need for achieving greater consistency, accuracy, and reliability in the financial assessment… read more

Dissertation 36 pages (9987 words) Sources: 30 Topic: Economics / Finance / Banking

---

Home Schools vs. Public High Athletic Associations Term Paper

Home school athletes in public school sports programs.

Home education has been expanding in the United States for the last several decades, according to the Home School Legal Defense Association… read more

Term Paper 15 pages (5154 words) Sources: 1+ Topic: Education / Teaching / Learning

---

Financial Managers and Compliance Managers in Healthcare Research Paper

Financial Managers & Compliance Managers in Healthcare

The healthcare field represents both a beacon of health services and a business institution. Hospitals and healthcare facilities confront intense demands to lowers… read more

Research Paper 10 pages (3241 words) Sources: 10 Topic: Management / Organizations

---

View 100+ more related papers  >>