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Differentiating Between Market Structures Essay

708 words - 3 pages

Running head: DIFFERENTIATING BETWEEN MARKET STRUCTURES

Differentiating Between Market Structures
Meleanie J. Cabrera
University of Phoenix
ECO/365
November 13, 2012
Anthony Interlandi

Differentiating Between Market Structures
The diamond industry is a lucrative industry that consists of segments that processes, mines, and markets industrial and gem diamonds. The start of the diamond industry was in India and Brazil. Before the mid-1800s diamonds were rare and only seen on monarchs. Before diamonds were discovered in South Africa the diamond trade industry was more profitable. However, the discovery of diamonds in South Africa initiated the simultaneous trading of diamonds that ...view middle of the document...

Last, De Beers marketing campaign promotes romance and is the symbol of love. “A diamond is forever”, is De Beers’s slogan. This slogan is recognized throughout the world and is De Beers’s trademark slogan invented in 1938. The efficacies of these strategies within the diamond industry are very effective and have allowed De Beers to remain the leader in the diamond industry. For example, when De Beers limits the supply of diamonds to the market this allows De Beers to control and set the prices of diamonds. It is difficult for other diamond companies to compete with this industry giant because De Beers is the supplier. In addition, De Beers has been in business for over a century and there marketing campaign has coined De Beers as the symbol of love.
Based on the strategies De Beers uses to gain an advantage over competitors a recommendation to maximize its profits would be to lower the price, increase supply, and maintain the reputation of quality. Diamonds are desired by people worldwide and there are other companies that are offering diamonds to consumers at a lower price because the quality is not that of a De Beers diamond. Consumers have sacrificed the quality of diamonds for the lower...

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