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Why do we need firms?

Firms are needed because there is a need to exploit a lot of potential resources with minimal cost to earn higher economic returns; without the creation of the firm this would be impossible, because an individual might not have enough capital to produce goods enough to satisfy the increasing varying demand. Also, there are many skills required in managing resources thus an individual may not be competent in all areas.

Why can’t a manager simply contract out every single task of the firm?

There are several tasks in running a firm ranging from simple to complex and from skilled to non-skilled; thus there is a need to have different people who may be skilled and competent to carry out these tasks effectively and efficiently with minimal cost to achieve organizational goals.

What makes some firms more successful than others?

The success of a firm depends on its managerial and entrepreneurial roles and whether the managers and entrepreneurs possess the skills and competency required. There are three key areas that influence the success of a firm; marketing, finance and operations and project management. For every organization, goods or services produced need to be marketed thus, it is the role of a marketing team to look for the best strategies that can yield high returns while minimizing costs. Also, good financial managers are capable of minimizing losses and increasing profits by making viable financial decisions. Any organization must have a competent project team because these people are responsible for researching and designing products required and the market. Combination of these three with proper communication can lead to success in any organization.

Perfectly competitive market and products with no differentiation

Perfectly competitive market is where there is no differentiation and there are quite many sellers and buyers who are price takers. The examples of products in perfectly competitive market which are not differentiated are agricultural products like milk, fruits and vegetables. There are no barriers to enter or exit for those who want to sell their products. Also, all products are identical, with the same price and cost, and every buyer and seller is aware of this.

How can these firms that do not differentiate much from other products survive?

The perfectly competitive firms with little differentiation can survive the competition by diversifying their products through producing and selling products which are cheap and easy to produce in a short period; this makes them maximize profits while reducing costs. They can also consolidate their produce and form cooperatives in which they can reprocess their products like daily products, fruits or pack them so as to attract and gain customers trust; in doing this such firms can gain the market and survive competition.

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