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Which of the following management techniques would likely be most important to a firm in a purely competitive market?
A. Competitor analysis.
B. Price-elasticity analysis.
C. Target market analysis.
D. Supply chain management.
Answer:D
D is corrent. To be successful in a purely competitive market, the firm needs to focus on decreasing costs. Supply chain management can be effective at reducing costs.
A is incorrect. Competitor analysis would likely not be important because in a purely competitive market, there are a large number of firms selling a standard product. There would likely be no significant value to studying the competition.
B is incorrect. Price-elasticity is likely to be useful when management can have an influence on the market price. In a purely competitive market, the firm is a price taker.
C is incorrect. Target market analysis is not likely to be of value when selling a standard product in a purely competitive market.