Some of the basic aims of the European Union are peace, prosperity and freedom for its 498 million citizens in a fairer, safer world. You can use it as an example when writing Essay. Monopoly Vs Oligopoly Now the focus is on putting policy into practice in to UK's market. Market structures are basically the number of firms in the market that produce identical goods and services. A single currency would help that transaction pass smoothly. We will work on your paper until you are completely happy with the result. Tesco was founded in the East End of London, London in 1919. The main characteristic of the oligopoly market . 1] Perfect Competiton. Competition allows technological innovation to flourish. An end to internal currency instability and a reduction of external currency instability would enable exporters to project future markets with greater certainty. EU Exports. The EU also tries to make each market as similar as possible to ensure fair competition across national borders. Likewise, businesses would no longer have to pay hedging costs which they do today in order to insure themselves against the threat of currency fluctuations. The competitive market structure an organisation belongs to is determined by the nature of their product, the number and size of other firms in the market and the entry and exit conditions of that market. This aid can take many forms loans and grants, tax breaks, goods and services provided at preferential rates, or government guarantees which enhance the credit rating of a company compared to its competitors but in this case this does not apply to Tesco till today as Tesco is already on top of its game. Tesco has over 4,000 stores across the world and out of those 4,000 Tesco has more than half of them in the UK around 2362 stores and this does not include all the Tesco metro and express stores. To compete with other organizations, cost-plus pricing is the most . In the UK, the five big supermarkets totally have 3/4th of the market . By continuing well assume youre on board with our Competition allows technological innovation to flourish. Meanwhile, monopolistic competition refers to a type of market structure where a large . The oligopoly market structure is perhaps the most prevalent type anywhere in the world and hence deserves a careful study. Being in the Top 50 retailers globally as of 2021, Tesco's annual revenue worldwide in 2020 was 58.09B, a 9.1% decline from 2019 (due to the Pandemic & disposing of its Asia operations, to focus on the core business in Europe). The four leading supermarkets in the UK supermarket oligopoly are Tesco, ASDA, Sainsbury's, and Morrisons. 48 Vitosha Boulevard, ground floor, 1000, Sofia, Bulgaria Bulgarian reg. As the companies are bound to follow market prices the only way the company can have advantage over its competitors is by reducing its operating costs and working at optimum level of efficiency Competition policy: Effective competition provides goods and services cuts prices, raises quality and expands customer choice, allows technological innovation. Using the 4 market structures I will illustrate using real life case studies and examples how a selected business of my choice has behaved/responded to its market structure and finally describe how the OFT and other regulatory bodies check against anti competitive behaviours. This describes us perfectly. 2008. they work with the EU on shaping policies. Your email is safe, as we store it according to international data protection rules. Need urgent help with your paper? European Union executes legislations in justice and home affairs, and maintains common policies on trade, agriculture, fisheries and regional development. European policies Among the most well known forms of oligopoly are in. The OFT has a 5 step method of keeping a good eye on business and other organisations these 5 steps start with Analysis, Prioritisation, Prevention, Partnership and Evaluation, the details of all the steps are on their website under 'What we do'. Released by cars and trucks, these microscopic particles can cause respiratory diseases. Competition regulators are important in business and are required to ensure equality and a fair deal for all, Under the new law, EU countries will have to reduce exposure to fine particles in urban areas by an average 20% by 2020. Tesco adding eCommerce to the mainstream business model. Sellers try to develop differentiate offers for different customer segments and, in addition to price, freely use branding advertising and personal selling to set their offers apart. Tesco PLC is a UK-based global supermarket chain and it has 7817 shops and 517,802 employees around the world. Natural monopoly is where there are high fixed costs for example the energy industry like gas and electricity as well as water, telecommunications and the transportation industry like underground and rail. Under monopolistic competition, the market consists of many buyers and sellers who trade over a range of prices rather than a single market price. This may lead to pockets of deeply depressed areas in which people cannot find work and areas where the economy flourishes and wages increase. Tesco is the third largest global retailer in the world which just behind Wal-Mart and Carrefour (Baidu, 2010). Buyers see different in sellers, products and will pay different prices for them. Another organisation that does similar commerce to what Office of Fair Trading do, Ofcom is an independent regulator and competition authority, for the UK communications industries, with responsibilities across television, radio, telecommunications and wireless communications services. European Union's rewards businesses and organisations, which reduce their CO2 emissions and penalises those that exceed limits. A perfect competition market is a structure that contains many different companies, which means that each company individually only has a small amount of influence over the entire market. A competition test to curb the power of the supermarkets was unveiled by the Competition Commission last year as part of a planning shake-up designed to boost competition in the multi-billion pound grocery market. In the second part of the assignment I will describe the value of international and EU markets to UK firms. Since 1995 alone, about 100,000 young Britons have spent time studying in another European country. (http://www.oft.gov.uk/ about/what/#named2). It can allow smaller companies to cooperate if this strengthens their ability to compete with larger ones such as Sainsburys and Tesco. This is the reverse of the position in 1990. International business traffic is an important feature of the UK economys survival; almost 50% of UKs export is in the Non European Union zone, there fore international market has a vital role to play in UKs economy. Employment Environment External trade Fight against fraud Human rights Tesco's share . The main ones are: The European Parliament (representing the people of Europe) As a comparison the total value of UKs trade-in-goods exported to Member States of the EU in April 2010 was 11.6 billion and for May 2009 was 9.3 billion. How does OFT checks anti-competition? A market structure is a tool used to determine the pricing power of certain products in diverse firms. European Union executes legislations in justice and home affairs, and maintains common policies on trade, agriculture, fisheries and regional development. Likewise, businesses would no longer have to pay hedging costs which they do today in order to insure themselves against the threat of currency fluctuations. In the United States, Texas could not avoid a recession in the wake of the 1986 oil price fall, whereas demand for Sterling changed in the light of the new oil price, adjusting the exchange rate downwards. UK joining the Euro (Pros & Cons) However, Tesco ranks second, following after Wal-Mart, in terms of net profits. In economics, market structures can be understood well by closely examining an array of factors or features exhibited by different players. Non EU Exports. This penalty to the British Airways has been the highest ever imposed by the OFT for violation of competition law and this demonstrates the determination of the OFT to deal strongly with anti-competitive behaviour. In another case, The Royal Bank of Scotland or RBS has also paid a fine of 28.59 million about 2 months ago in March 2010, after admitting breaches of competition law between October 2007 and February or March 2008, the fine for the bank was reduced from 33.6 million to 28.59 million and this was done to reflect RBSs admission and agreement to co-operate. As the OFT only supervises what happens in the United Kingdom, there is the European Union which is active in a wide range of policy areas, from human rights to transport and trade, the European Union monitors all of the 27 countries that are part of the union, using similar techniques as the OFT but on a much larger scale, the policy to monitor and control competition is said as A fair deal for all and this policy is described as: Cohen believed in the business model "stack 'em high, sell 'em low". You will get a personal manager and a discount. Tesco PLC is a multinational grocery and general merchandise retailer. huge efforts will be done through their sales team, the main focus is the product availability. OFT plays a leading role in promoting and protecting consumer interests throughout the UK, while ensuring that businesses are fair and competitive. The European Union plans to reduce greenhouse gases at least 20% by 2020 (compared with 1990 levels), raise in renewable energys share of the market to 20% and cut overall energy consumption by 20% (compared with projected trends). Tesco trades on the London Stock Exchange and is part of the FTSE 100 index. You have to be 100% sure of the quality of your product to give a money-back guarantee. The total 2010 year to date value of UKs trade-in-goods imported excluding May was 59.2 billion, which has been upwardly revised by 96.7 million. Market structures show the relations between sellers and other sellers, sellers to buyers, or more. Some exceptions to the general rules are possible. This is the reverse of the position in 1990. In doing business with smaller firms, Tesco cannot use their bargaining power to impose conditions which would make it difficult for their supplier or customer to do business with its competitors. Type your requirements and I'll connect United Kingdom supermarket share . This will unleash a greater potential for growth. . In this sort of environment the businesses and trades people have somewhat control over their prices because of the products differentiations. June 2010 showed a 15.5 per cent increase in exports compared to May 2010 and a 33.0 per cent increase in exports compared to June 2009. If somehow UK market collapses then Tesco will be in a greater amount of risks. Eliminating exchange rates between European countries eliminates the risks of unforeseen exchange rate revaluations or devaluation, further those businesses who involved in commercial transactions in different member states would no longer have to face administrative costs of accounting for the changes of currencies. Get Your Custom Essay on. Under monopolistic competition, the market consists of many buyers and sellers who trade over a range of prices rather than a single market price. When the percentage change in the sales is more. Order custom essay Types of Market Structures and Competition in UK Once in a lifetime a family might make one large purchase or transaction across a European border such as buying a holiday home or a piece of furniture. The disadvantages of a monopoly is that customer are exploited to high prices and potential supplies have limited choice for demand and this means that the consumers have less choice and again might have to pay higher prices than normal or the monopoly can even use very low price to push their competitors towards administration or bankruptcy. So all the firms in such a market are price takers. In a recent investigation by the OFT has reviled that British Airways has been found guilty over the price of 'long-haul passenger fuel surcharges' and has paid a penalty of 121.5m to be imposed by the OFT, therefore enabling the OFT to close its civil investigation and resolve this case. How do other supervising bodies monitor anti-competition? The firm needs to establish its price and output levels to achieve its business objective of profit maximization. The Business Model of Tesco. Sustainable development has long been one of the overarching objectives of EU policy. EU leaders launched the first EU sustainable development strategy in 2001 and updated it in 2006 to tackle shortcomings and take account of new challenges. Free Movement of Citizens: Agriculture Media Competition Consumers Education, Employment Environment External trade Fight against fraud Human rights, Taxation Transport Justice, freedom Internal market Customs, Impact of European Union's Competition policy on Tesco. The transfer of money and fiscal competencies from national to community level would mean economically strong and stable countries would have to co-operate in the field of economic policy with other, weaker, countries, which are more tolerant to higher inflation. Austria, Belgium, Czech, Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland. Retrieved from https://phdessay.com/market-structures-tesco/, Hire skilled expert and get original paper in 3+ hours, Run a free check or have your essay done for you, Didn`t find the right sample? It can be concluded that UK has less exports to the non EU zone compared to the European market, in June 2010 total value of goods exported to Europe was 11.3Billion compared to the total value of goods exported to the international market which was 10.9Billion. European Union policies ensure safer food and a greener environment, better living standards in poorer regions, joint action on crime and terror, cheaper telecoms and communication, millions of opportunities to study abroad and more The main ones are: The European Union is not a perfect society but it is an evolving project and constantly has to be improved. It operates stores in various formats differentiated by size and range of products sold, including large, small, dotcom only and one-stop. Though there are many companies operating chain retail shop . Get expert help in mere Since then there have been significant efforts in terms of policy. All businesses like Tesco's are directly affected by this policy as this aims to cut energy consumption and greenhouse gasses by 20%, meaning Tesco will have to recycle more, reuse materials more and reduce wastage and use of non-biodegradable equipment which will have a small dent on their profit. To make these things happen, EU countries have set up bodies to run the European Union and adopt its legislation. European Union policies ensure safer food and a greener environment, better living standards in poorer regions, joint action on crime and terror, cheaper telecoms and communication, millions of opportunities to study abroad and more. The European Union plans to reduce greenhouse gases at least 20% by 2020 (compared with 1990 levels), raise in renewable energy's share of the market to 20% and cut overall energy consumption by 20% (compared with projected trends). Thats why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe. The conditions for a monopolistic market are as follows: there is only one firm, which is large in size. In 2015, Tesco's ad spend declined sharply to less than 80 million, marking a huge shift compared to just . (2017, Dec 26). Even in store level, there are as many as four layers of management in some large stores. In the United States economy most markets can be classified into four different markets structures. Climate change is one of the gravest challenges facing humanity. Copy. Best Essay writing tips, 10 Tips on How to Write a Good Article Review, Best Tips on How to Write an Annotated Bibliography. As a comparison the total value of UKs trade-in-goods imported to the UK from Member States of the EU in April 2010 was 15.3 billion and for May 2009 was 12.2 billion. The total 2010 year to date value of UKs trade-in-goods exported excluding May was 46.2 billion, which has been upwardly revised by 273.6 million. Twenty seven separate countries with widely differing economic performances and different languages have never before attempted to form a monetary union. Kudler Fine Foods is an organization that offers gourmet foods and wines to the San Diego Metropolitan area. Views 1142. Thanks to our free revisions, there is no way for you to be unsatisfied. The different sorts of market structure include monopoly market, perfect competition market, monopolistic market, duopoly market, and . In economics, market structure is a term that describes the state of a market, with respect to competition. Our business in numbers. Tesco themselves say that it is an oligopoly, this is because Tesco is not the only supermarket in the UK, Tesco is the dominant shareholder but cannot be called a monopoly as there are many other firms which are in competition with Tesco e.g. (http://www.axa-schengen.com/en/schengen-countries) Another company in the market structure of oligopoly has been analysed. ", Following are the 4 leading supermarket chains in the United Kingdom Tesco, Asda, Sainsbury's and Morrisons, these fantastic four have a combined share of 75.6 percent of the UK grocery market accord to the research done in the 12 weeks ending 1 November 2009 (Source: Kantar World pane) http://TNS_Worldpanel. Noise, swimming water, rare species and emergency response -these are just some of the areas covered under the extensive body of environmental legislation that the EU has established over the decades. Tesco focuses on attracting customers through its signature low prices strategy. Tesco PLC is a British grocery and general merchandise retailer that operates internationally with headquarters in Hertfordshire, England. Businesses regularly have to make appeals against Commission decisions if it seems like a unfair deal. In May 2010 the total value of trade-in-goods imported to the UK from Member States of the EU was 14.7 billion. If a community or even an individual has an important point to show to the union they must do some of the following starting with: Contacting their local MP European Union policies are part of national politics. OFT is a non-ministerial government regulator that was established by government in 1973. PhDessay is an educational resource where over 1,000,000 free essays are The single market benefits the firms, by making it easier & cheaper to do business in other EU countries. Most common examples of monopolistic competitions are: restaurants as in the right area and right type of food they can have their own small portion of monopoly, professional solicitors, building and project managing firms and finally plumbers as there are less of them and more required. It has changed because interest rates are set in each country at the appropriate level for it. MARKET STRUCTURE MANAGERIAL ECONOMICS MBA SEMESTER 1 -PAYEL GHOSH 2. By Sarah Vizard 10 Sep 2014. It is common to differentiate these markets across the following seven . The major market forms are: Perfect Competition; Monopolistic Competition . Effective competition provides goods and services, automatically raises quality and customer choices increase with competition. Private goods on contrast are ones from which the public can only. Get any needed writing assistance at a price that every average student can afford. For Part 1 I will be describing the 4 different market structures that economist usually talk about are perfect competition, monopolistic competition, oligopoly and monopoly. The . How has Tesco Responded to this Structure? The market structure is the setting in which the enterprise receives competitive 'discipline' or through which the rule of competition is made effective. The Commission can, does and has fined companies for all these practices. As the OFT only supervises what happens in the United Kingdom, there is the European Union which is active in a wide range of policy areas, from human rights to transport and trade, the European Union monitors all of the 27 countries that are part of the union, using similar techniques as the OFT but on a much larger scale, the policy to monitor and control competition is said as "A fair deal for all" and this policy is described as: "Effective competition to provide goods and services cuts prices, raises quality and expands customer choice. It has been providing its customers with many different products in one place and with convenience. The total value of UKs trade-in-goods imported for January 2009 to December 2009 was 162.7 billion, which has been upwardly revised by 238.0 million. In this sort of environment the businesses and trades people have somewhat control over their prices because of the products differentiations. The price of goods and services in a firm depend on the levels of demand, cost conditions and competition . Tesco PLC is the leading English distribution group. Contacting their MEP and cast vote at the European Parliament elections the European Parliament enacts EU laws: (www.europarl.europa.eu). Under the system, European Union governments set limits on the amount of carbon dioxide emitted by energy-intensive industries and if they want to emit more CO2 than their quota, they have to buy spare permits but most supermarkets stores do not manufacture and this means that they will have to use eco friendly methods of business and equipment. This is because in the . Equity is the element of the capital structure of the company that is sourced through the issuance of shares or profits claimed by stockholders (Arnold, 2013). Founded in 1919 by Jack Cohen, Tesco has emerged to become the biggest retailer in the UK and more than 80 million shopping trips are made to Tesco stores each week (Annual Report, 2015). (https://www.uktradeinfo.com/index.cfm?task=noneufullreport) In November 2007 Tesco one of the top three largest UK Supermarket chains and a major global retailer opened its first stores in the USA under the brand name 'Fresh & Easy'. Oligopoly is one kind of market structure (Anderton. The decisions are made by Tesco after taking into considerations the . Monopolistic competition: Market structure is said to be the characteristics of the market. I would like to begin by pointing out the major types of market structure, and then focus on the oligopoly market structure, and its behaviour. This work is done using the powers granted to the OFT under consumer and competition legislation. In such type of competition most of the companies use Push strategy, i.e. essay, Quasar Computers and Different Market Structures, Various Market Structures and Characteristics, Reflection Essay on Differentiating Between Market Structures, Differentiating Between Market Structures, Classifications of market structures in the US, Analyze the Price Elasticity for different market structures, Write Tesco is not the only supermarket in the United Kingdom, Tesco is the dominant shareholder, but it should not be considered a monopoly since there are several other companies competing with Tesco . Since the war the UK economy has tended to have an economic cycle closer to the US than the EU. Tesco has already proven that they are committed towards being eco-friendly, Tesco Plc, the worlds No.4 retailer, plans to spend over 100 million pounds with British green technology companies over the coming year as it steps up its drive to halve carbon emissions by 2020.. Value of International markets to UK The competition policy stops the Tesco from growing further from their potential market share, something which Tesco has known to be done in the recent years. In this type of competition the industry has a small numbers of large dominant firms that have a firm control over the market. The Commission also monitors closely how much assistance EU governments make available to business ('state aid'). Natural monopoly is where there are high fixed costs for example the energy industry like gas and electricity as well as . The main objective is to find out the market position of Tesco in relation to the other competitors in the market. A single currency should result in lower interest rates as all European countries would be locking into German monetary credibility. While the cohesion funds attempt to address this, there are still great differences across the EU in economic performance. If a community or even an individual has an important point to show to the union they must do some of the following starting with: The EU has developed a single market system of laws which apply to all member states, and ensures the free movement of people, goods, services, and capital, including the elimination of passport controls by the Schengen Agreement between 26 European Union states which I have listed below. If Tesco plans to merge with its competitor, Tesco needs approval from the European Commission, the EUC (European Union Commission) marks their decision depending on the amount of business that Tesco has within the European boundaries. Market structure can be broadly classified into three distinct categories: Bullish Market Structure: A bullish structure is defined by a series of higher highs (HH) and higher lows (HL). The company is now one of the world's largest retailers, with more than 6,800 locations across Europe and Asia. In addition, faced with the saturation of domestic market, high competition and self-development demand, Tesco expanded oversea markets in time and translated its store format to international market such as Turkey, China and Poland. Example of oligopolistic business industries are: supermarkets such as Tesco which alone owns 30.4% which is nearly 1/3 of the UK supermarket retail share market share, banking industry, chemicals industry, oil and energy industry, medical drugs and also the news and media broadcasting industry. They would be unable to devalue to boost exports, to borrow more to boost job creation or cut taxes when they see fit because of the public deficit criterion. The report analyses the pricing strategies, cost curves, elasticity of goods and portfolio of goods that Tesco sells. As Tesco manly sells general groceries they are affected by the European Unions environment policy, in a way that it has to source materials from the suppliers who obey and follow the European Unions environment policy, this means that Tesco has limited p of potential suppliers. Homogenous products are identical products or business e.g. The objective of this report is to analyze on the market structure of the retail industry in the UK. Economics MBA SEMESTER 1 -PAYEL GHOSH 2 like a unfair deal said to be.... Market structures are basically the number of firms in the sales is.... Across national borders work with the result: market structure of the market UK supermarket oligopoly in... Student can afford according to international data protection rules another company in the East End of London London. Businesses and trades people have somewhat control over their prices because of the EU was 14.7 billion focus is third... 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