Reference no: EM132875213 , Length: word count:2500
LCBB5003 Management Economics - University of Wales Trinity Saint David
Learning Outcome 1: Critically evaluate economic data as a guide to policy making within an international, national and organisational context.
Learning Outcome 2: Apply a number of different economic concepts (supply and demand, price elasticity, cost analysis) with respect to managerial decision making in organisations.
Learning Outcome 3: Analyse the impact of government policy on markets and its effect on the managerial decisions.
Chosen company - Mcdonalds
Assignment Guide
The overall aim of the report is to convey just how significant the management economic function is within an organisation in order to support sound decision making, ensure appropriate control systems are in place, maximize economic performance and help ensure long term sustainable growth.
You are to work individually on your report and in order to complete this assignment can easily be found on past news articles about your chosen company - I expect you to become avid business news readers by the time you finish this assignment.
Your analysis should start with the study of the company's history, overview about its activities, the industry it operates in, types of services and products it produces, business environment it operates in, main markets and other aspects of company's business profile.
You should choose a product or a product range as a first step. For example, Procter and Gamble has gazillions of products, you will not have time and resources to study its products. Thus, choose, say, baby wipes product range and keep your focus on it.
1. Research-informed Literature about the role of Management of economics in an economy. Extent of research and/or own reading, selection of credible sources, application of appropriate referencing conventions.
(300 - 330 words)
a. Describe the chosen company, its products/services and history.
b. Describe and discuss the market structure the firm faces.
1. Analyse the market it has been operating ever since its inception. Why do you think the company of your choice operates in one of the market structures i.e. oligopoly, monopoly?
Discuss.
[Hint: number of companies in the industry, revenue share of your company in the industry]
(600- 660 words)
2. Did the company operate in a different market structure in its history? For example, it could have faced monopolistic competition but later the market transformed into an oligopoly or vice versa.
Discuss the characteristics of its previous market structure.
[Hint: Historical market/industry information such as the number of firms in the industry over time, data on revenue by companies]
(600- 660 words)
3. Considering the nature of the industry in which the firm operates,
a. Do you think operating in a different market structure is more optimal for this firm? Discuss.
b. Would you suggest greater/lesser government intervention? Discuss.
[Hint: Think about whether government intervention is good for the society or not, if yes, discuss]
(25 marks)
(700- 770 words)
4. Your report must be referenced using Harvard Referencing conventions [Refer to Harvard Referencing Handbook on the Library Resource]
Hint: [How to avoid plagiarism There are four simple ways to avoid plagiarism: • Do not copy from other students' work. • Do not ‘cut and paste' information from the Internet, or another source, without properly referencing it and showing it as a quotation.
It is easy to avoid plagiarism. ‘Forgetting' is a common issue in plagiarism to reference material obtained from elsewhere. This can be avoided by keeping the list of references as progress in research]
Attachment:- Management Economics.rar