M14- Three Forms of Businesses

1. Name of entrepreneur/ Name of entrepreneur's business/complete address (including zipcode)
-Mr. Anderson, Dance 411, 475 Moreland Ave. Atlanta Ga. 30316

2. Type of business organization
-A dance company

3. Length of time the business has been in operation
-Nine years

4. List products provided by the business (goods and services)
-Offer Dance
-Teen Building
-Weight Loss Program
- Core and Strength Training

5. Number of employees/skills needed to work in the business
-There are twenty three employees and you will need at least a high school diploma and some positions require college degrees.

6. List benefits of business to community/What does this business provide that similar businesses don't provide
-This business provides outreach services
-Frequently have donation funds
-Provide jobs for the local communities
- A safe haven for local children
-Well rounded programs for all age groups

7. Major competitor for this business and how this business remains competitive
-Major competitor: small dance studios, and individual dance instuctors.
-Remains competitive by offering classes that are fun, energetic, and have reasonable prices.

8. Descibe methods used to increase growth of business and any future plans for expansion
- Strong marketing tactics
-Radio covers
-Annual dance benefits recitals

9. Three greatest challenges in operating the business
-Balancing your books (making sure at the end of the month your not losing money.)
-Making sure that you have continued to provide excellent customer service
-Keeping class prices reasonable

10. Three greatest rewards in operating the business
-Seeing someone achieve their weight loss goals
-Someone at the begginning of the class say they couldn't dance and at the end being able to finish the class with confidence
-Being self employeed

Compare and Contrast Monopoly and Oligopoly; Monopolistic Competition. Must include at least 2 characteristics for each. Provide two examples for each type of company.

-Monopoly: The single seller makes a product that has no good substitute. Other firms may be able to produce the good or service but choose not to enter the market or are barred from it. Characteritics: One unique; no close substitutes considerable. Ex. local utilities, post office! government runs monopoly.

-Oligopoly: A few sellers make products that are good, but not perfect substitutes. Consumers can be included to change suppliers but have only a limited number of choices. A few firms dominate large shares of the market and set prices Ex. pepsi, coca cola, proctor and gamble, johnson and johnson, etc. Characteritics: few standardized or differentiated
- Monopolistic Competition: The market has many firms but each supplier's product is differentiated. Consumers can be included to change brands but they have brand preferences. Characteristics: Many differentiated. Ex. Retail trade, dresses, shoes, etc.