ANALYSIS: Why business is no longer worrying about keeping the customer satisfied
More efficiently run companies with greater economies of scale should then be able to offer you and me, consumers, better priced goods and services. Except, it doesn't always work out that way.If you've glanced at the TV or even only casually read the news in the past year, you'd have been hard pressed to avoid the onslaught of stories about the "cost of living".
Not everyone, however, is doing it tough. In the past few weeks, several big firms have reported stellar profits in the December half year and have been showering their investors with cash.Negotiating for lower prices at checkout is unlikely to bring success at Australia's supermarket giants. In a theoretical free enterprise system, supply and demand are supposed to determine price. But for that neo-classical model to work properly, one of the key conditions is that there should be many buyers and many sellers.
In a properly competitive capitalist economy, they wouldn't be able to simply look at their costs and then just add the profit margin they'd desired
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