1. 0 Introduction
Economics involves the options people make when complementing their unlimited needs and wants with a scarcity of resources. The term "economics" comes from the Greek words "oikos", this means house, and "nomos", this means manager. Therefore the term originally referred to management of family members. Today, the word has been broadened to make reference to firms and most of society. Another way of looking at economics is to consider the field as a couple of tools for studying people and communities and the options that they make. Accountants are trained to render an account of financial activity for a firm. Lawyers are trained into a certain method of thinking in order to handle issues in a legal construction.
The Confectioners' intensity of rivalry among existing companies is high even though the industry has partially differentiated products. That is due to many equally balanced competitors, slow growth in the mature market, high storage and fixed costs, and high exit barriers. All of these factors cause price wars, advertising battles, the emergence of new product lines and higher quality of products in the Confectioners industry.
The Bargaining Power of Buyer: LOW to MEDIUM
Although there are several large-volume buyers, such as Wal-Mart, who could bargain to lower the prices, thus reducing the industry's profits, there are other factors that can limit the bargaining power of buyers.
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