Summary and perspectives
In chapter 10, the author discusses the concept of oligopoly and how it affects the environments where oligopoly is a characteristic. Under this circumstance, the people who come up with decisions ensure that strategies are brought into place. Moreover, the amount of funds given to the different players has come as a result of strategies made by the firm. To this extent, it should be noted that the payoffs given out as payments could result into two major scenarios. Losses or profits ensue as a result of the respective decisions made by industry players. There are different strategies that individual players can come up with to ensure success in environments where there are more than one business operating. There can be games that are simultaneously or even instant games. On the other hand, there can be the normal games that individual businesses engage in. The author notes that whatever game the business engages in, it should be for the good of the enterprise. Strategies are crucial in ensuring that the various games played in the market meet the expectations for which businesses are set.
Five W’s and How
Who: The question of who can be answered from different fronts. One is that who in this case as to do with who is responsible for coming up with the respective decision making processes. The decisions affect the businesses in an oligopolistic system and thus the decisions made must be made appropriately.
What: the individual strategies that businesses come up with are quite impactful on the business. Every decision made is critical, but the essence of every strategy is the most critical to consider. In an oligopolistic system where businesses can be many, the individual strategies determine if the company stays afloat in the market.
When: not all the time are decisions to be made. Ordinarily, decisions or strategies are to be affected when there is an issue of necessity. Under such circumstances, it becomes necessary to develop a strategy quite able to deal with the situation at hand.
Where: the question of where has all to do with a particular area where a specific procedure or strategy is to be used. It makes it possible for the business to be specific to the area over which implementation of a strategy is to be affected.
Why: a strategy as in an oligopolistic system should be crafted for a particular reason aimed at achieving a particular purpose.
How: strategies can be implemented in different ways. How well they are implemented determines if results are to be realized.
