Pricing And The Uk Supermarket Industry Economics Essay

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In this chapter the background of the topic and the discussion about research problems of the thesis are introduced as well as the purpose and delimitations of the study. They will be described and examined in order to enhance the understanding of our intention for the research and its boundaries.

1.1 Background

Pricing is an exercise ,rather an integral part of economic decision making regarding what the seller or the producer can expect to receive in exchange for the manufactured products or the intangible services. (reference)

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In economic sense, a lot of micro and macro factors go into bearing their consequences for price determination vis a vis the level of demand in the particular market. Pricing theory ,since its inception has researched the absolute and evolving nature of pricing decisions to be made and executed by various stake holders in the economic system.(reference)

In business enterprises ,the pricing decisions are no doubt the most significant decisions which not only have consequences for marketability, ability to meet or not to meet the current levels of demand ,the level of competition ,the sustenance and survival of the entity, but also in turn determines the cash inflows, business viability and the very economic supply chains, value chains and virtually the entire economic system and its performance over periods of time as well.

The financial modeling in financial analysis as well as the marketing mix, all insists on just the right pricing to capture consumer’s surplus and in turn generate the monetary resources for enterprise to sustain and evolve . The pricing is the sole decision which brings in money, everything else is just cost [1] .

The British Super Markets

A supermarket, a form of grocery store, is a self-service store offering a wide variety of food and household merchandise, organized into departments. It is larger in size and has a wider selection than a traditional grocery store and it is smaller than a hypermarket or superstore [2] . (journal/book reference rather than Wikipedia)

Supermarkets have their roots in the 19th century Co-operative movement through which groups of local retailers would come together to sell affordable food under the control of consumer members (reference). The first co-operative was founded in Rochdale, Lancashire in the 1840s. Subsequently co-operatives across the North of England came together to form the Co-operative Society in order to allow the purchasing goods in bulk [3] .

In the United Kingdom, first supermarket emerged under the new Premier Supermarkets brand in 1951, taking ten times as much per week as the average British general store of the time. Other chains caught on, and after Galvani lost out to Tesco’s Jack Cohen in 1960 to buy the 212 Irwin’s chain, the sector underwent a large amount of consolidation,

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