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“Why are there both large and small firms in a particular industry”
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Introduction: For my economics coursework I will investigate the reasons behind having large and small firms in a particular industry and how the small firm manages to survive in competition. I will find out how the firms maximize profits in comparison to each other and the number of customers loyal to their chosen firm. Small firms tend to survive by providing friendly staff with professional appearances, the ability to cater for specialized goods with a wide variety of goods and services etc. The best way for me to show how both firms survive, is to relate this into a particular industry. On Banstead high street, there are two firms of the same Pharmaceutical industry, Boots being the large firm and Victoria Chemist being the small firms with this firm being the only chain. Methodology: Aims and hypotheses: · I want to find out how Victoria Chemist survives even though it is fierce competition with Boots. How? To do this I will interview the managers trying to find out what they have and do to keep customers loyal and to make sure they return. I predict that the main reason Victoria Chemist can survive is due to their personal service and their general attitude to going out of their way to help their customer as much as possible. Boots I believe will focus on their wide range of goods and offers. Prescriptions will also play a large part in bringing in income. There will be times when Victoria Chemist doesn’t have medicine and they will send them to Boots, and vice versa. · I want to find out what influences the customers to come to either Boots or Victoria Chemist. How? I will have questionnaires that I will use to ask customers questions on their choice of Pharmacies. I believe boots will have customers coming to their firm because of their respect name and their advertisements on cheaper prices. · Customer counts would also be appropriate to show us how many people go to their pharmacies in a certain amount of time. If we had customer counts for ten minutes, we can calculate roughly how many people they have in a day.
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