HOW DIFFERENT INDUSTRIES, FIRMS OR COMPANIES ARE USING DIFFERENT ECONOMICS CONCEPTS

Different industries, firms, companies and businesses are using many economic concepts to increase their customers, to increase their revenue and to remain sustained in the market.

For this we can take example of BIG BAZAAR.

Here, BIG BAZAAR is a MONOPOLISTIC competition market that means there several Competition available, no restrictions for entering in market, and product differentiation.

So, we can say that here, MONOPOLISTIC competition market is the first concept which BIG BAZAAR is following.

Second is MOBILITY OF INPUTS:

AS we know MOBILITY OF INPUTS is one of the economic principles, here BIG BAZAAR is following MOBILITY of INPUTS that means for availability of factors related to increase the revenue or customers BIG BAZAAR has opened its branches everywhere and even in metro cities or big cities there are two or more branches of BIG BAZAAR.

Third is ECONOMICS INCENTIVES:
Here, BIG BAZAAR is using economics incentives concepts, where to increase their revenue they motivating customers to buy more products with help of different offers like “WEDNESDAY BAZAAR”, CASH BACKS COUPONS, which are motivates customers to buy products in their budget.

Same example we can take for PRICE DISCRIMINATION by SELF-SELECTION (FOURTH), this because in price discrimination by selection is nothing but to attract customers by giving offers, cash backs, to make them to decide themselves to buy any product according to their budget due to the offers and sales or “WEDNESDAY BAZAAR” scheme.

Fifth is ECONOMIES OF SCOPE :
Economies of scope concept is all about decreasing in AC by using same inputs in different products, and BIG BAZAAR is doing the same. For examples Advertisement, WEDNESDAY BAZAAR advertisement describes about almost all products of BIG BAZAA, other is BUILDING, EMPLOYEES  

Same transports for different products, this is how here economies of scope is also following to decrease their Average Costs.