Market implies, the trade among various individuals comprising of products or end-consumer through the sales or purchase of goods. Indirect or direct contact may exist between the buyer and seller in carrying out the exchange of either buying or selling. In management and market analysis, the best aspect of market to associate with is Oligopolist market.
Oligopolistic market, consist of few dominating firms in the industry and the competition from rivals is limited. Managers are most suited in management of Oligopolist market due to characteristics of dominance. Manager’s action affects the prevalence of other firms in terms of output and price and able to set up their own prices in these firma making them sufficient for introduction of price maker’s actions. Oligopolist market allows for formation of cartels that determine quantity and price levels; this allows for market share maximization and less rivalry among competitors who incur barriers of technology and cost. An industry dealing with Credit card, (oligopolistic market) ensures efficient management and control of company’s operations.
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Skills that ensure success in oligopolistic market are the competitive competence of managers through analytical thinking by logistic assessment of the market. A systematic approach of the market and management offers room for expansion and success in this market. Skill of teamwork ensures ability of consolidating various members of a project into performing a specific task leading to market successes. Skills of clarity by careful evaluation of goals and aims of the market ensuring improved performances and sustainable businesses.
In conclusion, Oligopolist market offers management the best motivational and room foe carrying out their operation resulting to ones market domination/achievements. Skills of market dominance observation are through action and result oriented behaviors.