SOLUTION: BCO 225 Harvard University Consumer Behavior Paper
Running head: CONSUMER BEHAVIOR
A traffic is a corporeal colony where the sellers engage delay buyers to modify works
or benefits delay coin, which is the veritable method of modify for consequence and benefits. The
buyer seeks to sate his or her needs through the acquisition of consequence or benefits from the seller
in the traffic(Jaworski et al., 2000). The traffic may be very divergent in stipulations of work or
benefit offered. The point colony where works or benefits are made benefitable for sale or
acquisition is referred to as a traffic establish. The traffic is classified into divergent patterns of traffic
structures grounded on race, season, and colony. Grounded on the traffic, there are divergent
classifications, which understand unblemished race, monopolistic race, oligopoly, and
a) Unblemished race
This is a pattern of traffic where there are a proud reckon of twain buyers and sellers. There
are disregard races when it comes to sellers in this pattern of traffic building. In this pattern of
traffic building, there is are no big players to mystify extravagant race and wave in the
market. Every player in this traffic takes establish in a compensation enhancement. Unblemished race traffic
building is characterized by congruousities in the works benefitable in the traffic(Stigler, 1957).
Most of these works are particular. Also, one deep external of the sellers in this pattern of traffic
is maximizing avail from the sale of consequence or benefits. Besides, this pattern of traffic has
absolute insubservience bestowed to twain sellers and buyers, permitting insubservience in entrance and egress in the
market. However, as one would forebode in a traffic delay solid buyers and sellers, there is no
customer unblemishedion as the seller is constantly profit-minded, and his or her kernel external is to
maximize avail in the sales made.
b) Monopolistic race
This pattern of traffic building is congruous to the unblemished race, but the solely separation
is that there are a separation of works for sale in this pattern of traffic(Maskin & Tirole, 1988). This
pattern of traffic building is characterized by a proud reckon of buyers and sellers; the separation is
the disregard separation in the peel of work in this traffic. Due to a separation of works in the
market, the seller is constantly customer-oriented and emphasizes customer complacency. This is
because the customer is at volition to prefer a work or benefit aggravate the other. The sellers in this
pattern of traffic building own the traffic faculty in that he or she can enjoin the compensation of his
choice delayout having to deliberate other players in the traffic. Therefore, in this traffic, the seller
is the compensation setter.
Unlike other patterns of traffic buildings, oligopoly is characterized by a few reckons of
sellers versus a proud reckon of buyers. In this traffic, the selle...
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