Non EU Exports. The Commission's extensive powers to investigate and halt violations of European Union competition rules are subject to legal review by the European Court of Justice. Effective competition to provide goods and services cuts prices, raises quality and expands customer choice. Need urgent help with your paper? the buyers have the power to influence the price of the product or services. Introduced in 2005, the scheme takes in about 12,000 factories and plants responsible for about half the EUs emissions of CO2. It has changed because interest rates are set in each country at the appropriate level for it. The European Union is currently active in a wide variety of policies from human rights to transport and trade; below is the list of some of the policy areas of the European Union. In this type of competition the companies are forced to follow the competitive pricing strategy in order to survive in the industry, i.e. This work is done using the powers granted to the OFT under consumer and competition legislation. How do other supervising bodies monitor anti-competition? This will unleash a greater potential for growth. TESCO Leadership and Organisational structure. But in applying these rules, it can take account of the interests of innovation, unified standards, or small business development. Because the Euro would have the enhanced credibility of being used in a large currency zone, it would be more stable against speculation than individual currencies are now. The European Commission (representing the common EU interest). Sustainable development has long been one of the overarching objectives of EU policy. The European Parliament (representing the people of Europe), The Council of the European Union (representing national governments). Tesco PLC organizational structure is decentralized, tall (hierarchical) and product-based. 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. The Price elasticity of demand measures the responsiveness of the quantity of goods sold to the changes in the products price. You have to be 100% sure of the quality of your product to give a money-back guarantee. MARKET STRUCTURE Market structure is the interconnected characteristics of a market, such as the number and relative strength of buyers and sellers, degree of freedom in determining the price, level and forms of competition, extent of product differentiation and ease of entry into and exit from the . In turn, this has enabled us to consistently attract new customers to Tesco from our competitors over the last two years and we know they increasingly recognise the value they can find at Tesco. Market structures show the relations between sellers and other sellers, sellers to buyers, or 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). 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. ", 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. If governments were obliged through a stability pact to keep to the Maastricht criteria for perpetuity, no matter what their individual economic circumstances dictate, some countries may find that they are unable to combat recession by loosening their fiscal stance. The report analyses the pricing strategies, cost curves, elasticity of goods and portfolio of goods that Tesco sells. The European Commission has wide powers to make sure businesses and governments stick to EU rules on fair competition. A range of prices occurs because sellers can differentiate their offers to buyers. 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 Order custom essay Types of Market Structures and Competition in UK 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. The observed change has affected Tesco, the market shares of which grew by 4.5% to reach a total of 22.3% ("Tesco reclaims top spot," 2018). The main competitors are Tesco, Sainsbury's and Asda, making the three firm concentration ratio high. Many fast food franchises fit all or most of these characteristics. The final total value of UKs trade-in-goods imported for January 2009 to December 2009 remains at 147.3 billion. Over recent years Tesco has become the world's third largest retailer and holds a dominant position in the UK's grocery market with a turnover of 42.6Billion in 2007 (FAME). 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. 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 European Union has some of the highest environment standards in the world, developed over decades to address a wide range of issues. European citizens have the freedom to live, work, study, and travel in any other EU country. The European Union Commission can allow companies like Asda and Morisons to cooperate in developing a single technical standard for the market as a whole. A concentration ratio is a way . OFT is a non-ministerial government regulator that was established by government in 1973. 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. Contacting their MEP and cast vote at the European Parliament elections the European Parliament enacts EU laws: (www.europarl.europa.eu) An oligopoly is most likely to have a kinked . their profits margin will vary but still always high. European Union is a unique economic and political society which is in partnership between 27 democratic European countries. Kudler Fine Foods is an organization that offers gourmet foods and wines to the San Diego Metropolitan area. The firm needs to establish its price and output levels to achieve its business objective of profit maximization. Under the European Union the members can travel and trade freely without any constraints as long as the members are trading in euro (the single European currency). 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. Tesco has promised more brand marketing to help reverse declining sales. Some of the basic aims of the European Union are peace, prosperity and freedom for its 498 million citizens in a fairer, safer world. (http://www.axa-schengen.com/en/schengen-countries). 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. Monopolistic Competition Market Structure: Unlike perfect . All the EU countries have different cycles or are at different stages in their cycles. 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. 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. By sending us your money, you buy the service we provide. Oligopoly: (http://www.tescoplc.com/plc/about_us/map/) Pure monopoly in where the firm is the industry, for example Transport for London, the firm which owns all buses and underground tubes in and around London, this is where consumers have no or very limited choice. Tesco, a UK retailer that operates in the grocery sector. Among these three major entities, Tesco is the market leader in terms of global sales and its total market share. Market structures describe the competitive environment in which a firm operates. Since the war the UK economy has tended to have an economic cycle closer to the US than the EU. Tesco Plc (Tesco) is a multinational retailer of general merchandise. Today the main priorities are combating climate change, preserving biodiversity, and reducing health problems from pollution and marking sure that natural resources are being used more responsibly. Much of . To find the main sources of competitive advantage that Tesco has over its competitors an analysis of the structure of the industry should be under-taken (Porter, 1980). The report structure also focuses on the competitive landscape of the Global Parchment Baking Paper Market, this report introduces in detail the market share, market performance, product situation . Key Facts. 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. Some of the basic aims of the European Union are peace, prosperity and freedom for its 498 million citizens in a fairer, safer world. The stability pact (the main points of which were agreed at the Dublin summit of European heads of state or government in December 1996) will force EU countries into a system of fiscal responsibility which will enhance the Euros international credibility. 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. Any citation style (APA, MLA, Chicago/Turabian, Harvard). 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. Because Tesco is a big company would have a lot of legal structures to make sure that business is operating properly. It is estimated the 3.5 million British jobs are dependent on* Britains membership of the EU. In this type of industry firms usually follows pull strategy and make huge efforts in marketing and advertising to attract its target customers, the products in the industry could be highly differentiated or even be similar but hard of getting a hold and this is why businesses use branding or homogenous. Sainsbury which owns 16.3% of the UK supermarket shares and Morrisons which owns 11.5%, this means the entry barriers to entry are very high because the industry is dominated by small number of large firms which control and own that share market. In this type of industry firms usually follows pull strategy and make huge efforts in marketing and advertising to attract its target customers, the products in the industry could be highly differentiated or even be similar but hard of getting a hold and this is why businesses use branding or homogenous. 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. Contacting their local MP - European Union policies are part of national politics. MARKET STRUCTURES. Managerial Economics, 6th edition. Thus, the current strategic purposes for business that Tesco should consider include expansion and . 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. 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. The four leading supermarkets in the UK supermarket oligopoly are Tesco, ASDA, Sainsbury's, and Morrisons. Though the number of sellers in . (http://www.axa-schengen.com/en/schengen-countries) We use cookies to give you the best experience possible. OFT (Office of Fair Trading) OFT gathers intelligence about markets and trader behaviour from a wide range of sources and then they respond to complaints about markets from nominated consumer bodies, where the OFT is able to see potential problems, the OFT undertakes market studies and recommends to take action respectively. The European Union has some of the highest environment standards in the world, developed over decades to address a wide range of issues. It has been providing its customers with many different products in one place and with convenience. 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 top three competitors of Tesco are Wal-Mart, Carrefour, and Metro. A market is the area where buyers and sellers contact each other and exchange goods and services. Essay. Delivering a high-quality product at a reasonable price is not enough anymore. The market share of of the leading supermarkets in Great Britain (GB) from January 2017 to December 2022 has remained fairly stable. As a comparison the total value of UKs trade-in-goods exported to countries outside the EU in May 2010 was 9.4 billion and for June 2009 was 8.2 billion. Since 1995 alone, about 100,000 young Britons have spent time studying in another European country. The 'Office of Fair Trading' is the UK's consumer and competition authority and their mission is to make markets work well for consumers. Because the Euro would have the enhanced credibility of being used in a large currency zone, it would be more stable against speculation than individual currencies are now. Get Your Custom Essay on. 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. Market structure decides the interaction of buyers with the producers. In this sort of environment the businesses and trades people have somewhat control over their prices because of the products differentiations. Either the physical products can be varied in quality, features, style or the accompanying services can be varied. Tesco's Promotional Strategy. An oligopoly market is characterized by a few firms producing the same product, and each firm's action influences the other firms. The Figure 2 below illustrates a typical organizational structure within Metro, Superstore and Extra formats. The UK is growing reasonably well, Germany is having problems. Language in Europe is a huge barrier to labour force mobility. A market structure is a tool used to determine the pricing power of certain products in diverse firms. Thats why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe. The trend continues in the same direction until the asset price records a lower low (LL). from 14.0 billion to 15.4 billion, hence the UK economy is dependent on the import of essential raw and prepared materials; today the service sector is more and more important to the UK economy as a result of the weakening of the manufacturing sector now imports are crucial and that is why using the international market the UK economy is on the growth as the export data depicts that UKs export is increasing from 8.2 billion to 10.9 billion. 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. The UK's retail sector involves a lot of spending by consumers both in shop and online. It was estimated that a traveller visiting all twelve member states of the (then) EC would lose 40% of the value of his money in transaction charges alone. 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. Tesco deals with a wide range of products, which has high demand in the market aiming at full customer satisfaction. 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. et al, 2008:298). Tesco Entering the Us Market. So all the firms in such a market are price takers. 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. The imports of UK data shows that the import from the non European Union zone is increasing i.e. 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). In 2013, Tesco spent approximately 110 million on marketing efforts in traditional outlets. Sainsbury which owns 16.3% of the UK supermarket shares and Morrisons which owns 11.5%, this means the entry barriers to entry are very high because the industry is dominated by small number of large firms which control and own that share market. 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. Tesco is an oligopoly as it is one of the few dominant firms in the supermarket market. As a comparison the total value of UKs trade-in-goods imported to the UK from countries outside the EU in May 2010 was 14.0 billion and for June 2009 was 12.0 billion. 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. In oligopoly there are many entry and exit barriers such as huge investments etc. The loss of national sovereignty is the most often mentioned reason for the UK not joining the monetary union is the transfer of money and financial proficiency from national to community level would mean that economically strong and stable countries would have to co-operate in the field of economic policy with other weaker countries. Tesco offers a wide array of food and non-food products . The Commission also monitors closely how much assistance EU governments make available to business ('state aid'). June 2010 showed a 9.6 per cent increase in imports compared to May 2010 and a 28.4 per cent increase compared to June 2009. 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. 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. Following are the 4 leading supermarket chains in the United Kingdom Tesco, Asda, Sainsburys 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 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. An end to internal currency instability and a reduction of external currency instability would enable exporters to project future markets with greater certainty. In economics, the term "market" does not mean a particular place but the whole area where the buyers and sellers of a product are spread. They operate under a Monopoly because of their substantial market dominance and the high obstacles of entry within the retail food business. - All firms are price takers - All firms have a relatively small market share - Buyers know the nature of the product being sold and the prices charged by each firm. Businesses, involved in commercial transactions in different member states, would no longer have to face administrative costs of accounting for the changes of currencies, plus the time involved. 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. EU has set binding limits on emissions of fine particles known as PM2.5. In a Monopoly Market Structure, there is only one firm prevailing in a particular industry. Tesco is a large U.K grocery firm and retailer whose main competitors are Sainsbury's, ASDA, and Morrison's, which are often called the Big Four in the United Kingdom. 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 RBS's admission and agreement to co-operate. Taxation Transport Justice, freedom Internal market Customs 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. If somehow UK market collapses then Tesco will be in a greater amount of risks. Cohen believed in the business model "stack 'em high, sell 'em low". Contacting their NGOs (consumer associations, environmental pressure groups, etc.) Advantages: A single currency should end currency instability in the participating countries (by irrevocably fixing exchange rates) and reduce it outside them. The UK is growing reasonably well, Germany is having problems. European policies It was estimated that a traveller visiting all twelve member states of the (then) EC would lose 40% of the value of his money in transaction charges alone. All businesses like Tescos 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. 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. 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). As a result of uncertainty in the market, Tesco broadened its forecast of profits for this year to between 2.4bn and 2.6bn - less than the 2.84bn predicted by analysts. Tesco focuses on attracting customers through its signature low prices strategy. (2017, Dec 26). Private goods on contrast are ones from which the public can only. Businesses and trades people have somewhat control over their prices because of the leading supermarkets in Britain! 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