Skip to main content
ScanSolve logoScanSolve
Toggle sidebar
  • Homework
  • Tutor
  • Humanizer
  • AI Detector
  • Questions
  • Blog
  • History
  • Mobile App

  • Homework
  • Tutor
  • Humanizer
  • AI Detector

  • Questions
  • Math homework helpMath
    Physics homework helpPhysics
    Chemistry homework helpChemistry
    Biology homework helpBiology
    Computer Science homework helpComputer Science
    History homework helpHistory
    More homework helpMore
  • Blog
  • History

  • Mobile App
ScanSolvePLUS
  • Unlimited answers
  • ScanSolve AI Pro
Start Free Trial →
Try on WhatsApp
Economics: 1. Outline four strategies that may be adopted by an industry to overcome compet... — Step-by-Step Solution | ScanSolve
Home > Economics Homework Help > Solution

1. Outline four strategies that may be adopted by an industry to overcome competition in a market:

Asked on March 27, 2026|Economics

This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.

ScanSolve AI AnswerAnswered on March 27, 2026
Here are the answers to the questions: 1. Outline four strategies that may be adopted by an industry to overcome competition in a market: • Product Differentiation: Creating unique products or services that stand out from competitors, often through innovation, quality, or branding. • Cost Leadership: Achieving the lowest production and distribution costs to offer products at lower prices than competitors. • Niche Marketing: Focusing on a specific segment of the market with specialized needs that are not fully addressed by larger competitors. • Customer Relationship Management: Building strong, loyal relationships with customers through excellent service, support, and personalized experiences. 2. Explain three reasons for adopting performance contracting in modern organizations: • Improved Accountability: Performance contracts clearly define expectations, targets, and responsibilities, making individuals or departments more accountable for their results. • Enhanced Efficiency and Productivity: By linking rewards to specific outcomes, performance contracting motivates employees to work more efficiently and productively to achieve set goals. • Better Resource Allocation: It helps organizations allocate resources more effectively by focusing on areas that contribute directly to achieving strategic objectives and measurable results. 3. Describe three limitations of 'job production': • High Unit Cost: Each product is unique and often custom-made, leading to higher labor and material costs per unit compared to mass production. • Long Production Time: The bespoke nature of job production means that each item takes a significant amount of time to complete, from design to final delivery. • Requires Highly Skilled Labor: It often necessitates a workforce with specialized skills and craftsmanship, which can be expensive to hire and difficult to manage. SECTION B: ESTIMATING, TENDERING AND ENGINEERING SERVICES CONTRACTS 4. Describe three methods for resolving contractual disputes in the construction industry: • Negotiation: This is the most common and least formal method, where parties directly discuss their differences to reach a mutually acceptable agreement without third-party intervention. • Mediation: A neutral third party (mediator) facilitates communication and negotiation between the disputing parties, helping them explore options and reach a voluntary settlement. The mediator does not impose a decision. • Arbitration: Disputing parties agree to submit their case to a neutral third party (arbitrator or panel of arbitrators) who hears evidence and arguments from both sides and then makes a binding decision. 5. Explain each of the following as used in the law of tort: (i) Trespass to property: This refers to the direct and unlawful interference with another person's possession of land or goods without their permission or legal justification. It is actionable per se, meaning no actual damage needs to be proven. (ii) Nuisance: This involves an unlawful interference with a person's use or enjoyment of land, or some right over or in connection with it. It can be private (affecting an individual's land) or public (affecting a community). 6. State four types of information contained in engineering drawings that are used for cost estimating: • Dimensions and Quantities: Detailed measurements, sizes, and counts of components, materials, and spaces, allowing for accurate material take-offs. • Material Specifications: Information on the type, grade, finish, and quality of materials required for each part of the construction. • Construction Details and Methods: Specific instructions on how elements are to be assembled, joined, or constructed, which impacts labor and equipment costs. • Location and Layout: The arrangement of structures, services, and components within the site, influencing logistics, access, and installation complexity. 7. Outline six types of office overheads incurred at a construction site: • Salaries of Site Management and Administrative Staff: Wages for the site manager, foremen, quantity surveyors, and administrative personnel based at the site office. • Rent or Depreciation of Site Office Facilities: Costs associated with the temporary site office, including rental fees or depreciation if owned. • Utilities: Expenses for electricity, water, heating, and internet services consumed by the site office. • Office Supplies and Consumables: Costs for stationery, printing, computer supplies, and other general office materials. • Communication Costs: Telephone, mobile, and data charges for site-based communication. • Cleaning and Maintenance: Expenses for keeping the site office clean and in good working order.

Related Economics Questions

  • Principle of micro economics
  • Eco 101 course outline: ECONOMICS Meaning of economics Principles of micro economics Economic statement Macro economics...
  • 1. a) With the aid of production possibility curves, distinguish between increasing and decreasing opportunity costs.
  • Report on Periodic Trends and Production Process Recommendations
  • 1) Enumerate four different actions trade union's can take to enforce their demands 2) state four Economics factors whic...
  • 1) State the law of diminishing returns and justify why it holds 2) l list three assumption of this law 3) identify thre...
See all Economics questions

This step-by-step solution was generated by ScanSolve AI. Need help with more economics problems? Browse Economics solutions or ask your own question.

Home›Economics Homework Help›1. Outline four strategies that may be adopted by an industr…
Q

1. Outline four strategies that may be adopted by an industry to overcome competition in a market:

March 27, 2026|Economics
1. Outline four strategies that may be adopted by an industry to overcome competition in a market:

1. Outline four strategies that may be adopted by an industry to overcome competition in a market:

ScanSolve AI

ScanSolve AI Answer

Answered on March 27, 2026

Here are the answers to the questions:

  1. Outline four strategies that may be adopted by an industry to overcome competition in a market: • Product Differentiation: Creating unique products or services that stand out from competitors, often through innovation, quality, or branding. • Cost Leadership: Achieving the lowest production and distribution costs to offer products at lower prices than competitors. • Niche Marketing: Focusing on a specific segment of the market with specialized needs that are not fully addressed by larger competitors. • Customer Relationship Management: Building strong, loyal relationships with customers through excellent service, support, and personalized experiences.

  2. Explain three reasons for adopting performance contracting in modern organizations: • Improved Accountability: Performance contracts clearly define expectations, targets, and responsibilities, making individuals or departments more accountable for their results. • Enhanced Efficiency and Productivity: By linking rewards to specific outcomes, performance contracting motivates employees to work more efficiently and productively to achieve set goals. • Better Resource Allocation: It helps organizations allocate resources more effectively by focusing on areas that contribute directly to achieving strategic objectives and measurable results.

  3. Describe three limitations of 'job production': • High Unit Cost: Each product is unique and often custom-made, leading to higher labor and material costs per unit compared to mass production. • Long Production Time: The bespoke nature of job production means that each item takes a significant amount of time to complete, from design to final delivery. • Requires Highly Skilled Labor: It often necessitates a workforce with specialized skills and craftsmanship, which can be expensive to hire and difficult to manage.

SECTION B: ESTIMATING, TENDERING AND ENGINEERING SERVICES CONTRACTS

  1. Describe three methods for resolving contractual disputes in the construction industry: • Negotiation: This is the most common and least formal method, where parties directly discuss their differences to reach a mutually acceptable agreement without third-party intervention. • Mediation: A neutral third party (mediator) facilitates communication and negotiation between the disputing parties, helping them explore options and reach a voluntary settlement. The mediator does not impose a decision. • Arbitration: Disputing parties agree to submit their case to a neutral third party (arbitrator or panel of arbitrators) who hears evidence and arguments from both sides and then makes a binding decision.

  2. Explain each of the following as used in the law of tort: (i) Trespass to property: This refers to the direct and unlawful interference with another person's possession of land or goods without their permission or legal justification. It is actionable per se, meaning no actual damage needs to be proven. (ii) Nuisance: This involves an unlawful interference with a person's use or enjoyment of land, or some right over or in connection with it. It can be private (affecting an individual's land) or public (affecting a community).

  3. State four types of information contained in engineering drawings that are used for cost estimating: • Dimensions and Quantities: Detailed measurements, sizes, and counts of components, materials, and spaces, allowing for accurate material take-offs. • Material Specifications: Information on the type, grade, finish, and quality of materials required for each part of the construction. • Construction Details and Methods: Specific instructions on how elements are to be assembled, joined, or constructed, which impacts labor and equipment costs. • Location and Layout: The arrangement of structures, services, and components within the site, influencing logistics, access, and installation complexity.

  4. Outline six types of office overheads incurred at a construction site: • Salaries of Site Management and Administrative Staff: Wages for the site manager, foremen, quantity surveyors, and administrative personnel based at the site office. • Rent or Depreciation of Site Office Facilities: Costs associated with the temporary site office, including rental fees or depreciation if owned. • Utilities: Expenses for electricity, water, heating, and internet services consumed by the site office. • Office Supplies and Consumables: Costs for stationery, printing, computer supplies, and other general office materials. • Communication Costs: Telephone, mobile, and data charges for site-based communication. • Cleaning and Maintenance: Expenses for keeping the site office clean and in good working order.

Need help with your own homework?

Get instant step-by-step solutions to any question. Free to start.

Ask Your Question
Handwritten step-by-step solution

Handwritten Step-by-Step Solution

Get this solution as a handwritten image on WhatsApp — just like a tutor wrote it for you.

Try on WhatsApp

More Economics Questions

Principle of micro economicsEco 101 course outline: ECONOMICS Meaning of economics Principles of micro economics Economic statem…1. a) With the aid of production possibility curves, distinguish between increasing and decreasing o…Report on Periodic Trends and Production Process Recommendations1) Enumerate four different actions trade union's can take to enforce their demands 2) state four Ec…1) State the law of diminishing returns and justify why it holds 2) l list three assumption of this…
See all Economicsquestions →