Week 6 Reading Reflection

Reading Reflection

I never understood all the different factors that were involved in the business process. One must really do some research prior to starting a business. The five elements are of tremendous help to any entrant into a particular industry. The way they are dissected for each separate factor helps one to really look into what needs to be done or not done to become and stay competitive in any industry.

I was a little confused about how a supplier can monopolize a product and then use that to set higher prices as a bargaining power. I would have thought there would be laws against such a practice.

Why aren’t there laws against price fixing or being able to monopolize a certain industry or product category? Should it be lobbied to stop such inappropriate practice?

The article was well written. I enjoyed reading the entire thing and learned a lot of new information I was not aware of. I will definitely use the five factors in my new endeavor.