Supermarket Competition and Game Theory

This assignment delves into the competitive landscape of the supermarket industry, employing game theory to analyze strategic decision-making by firms. It examines factors such as pricing strategies, market share battles, and the influence of consumer behavior. The analysis draws upon concepts like oligopoly, Nash equilibrium, and dynamic game models to understand how supermarkets interact and compete in a complex marketplace.

Running head: MANAGEMENT ENVIRONMENT
Management Environment
Name of the Student
Name of the University
Author Note

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Table of Contents
Answer 1:.........................................................................................................................................2
Introduction..................................................................................................................................2
Supermarket Industry: Price War................................................................................................2
Price War among Supermarkets: Game Theoretic Perspective...................................................4
Answer 2:.........................................................................................................................................5
Answer 3..........................................................................................................................................3
Introduction..................................................................................................................................3
British Virgin Islands: Overview.................................................................................................4
Hurricane Irma.............................................................................................................................5
Impacts of the Hurricane Irma on BVI........................................................................................6
Economic Impacts of Hurricane Irma: GDP Dynamics..............................................................7
GDP as welfare indicator.............................................................................................................8
Conclusion.................................................................................................................................10
References......................................................................................................................................11

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Answer 1:
Introduction
In terms of economics, market is defined as the place of interaction of the buyers and
sellers, where they reach to a mutual agreement regarding the price and quantity of production
and consumption of a commodity. There exists different types of market structure in an
economy, which are mainly competitive, monopolistic, oligopolistic or monopolistically
competitive. The structure of a market depends on factors like the number of buyers and sellers,
the nature of the commodity or service concerned the entry and exit barriers, the demand
elasticity and others (Rader 2014).
The supermarket industry of UK mainly operates in an oligopolistic market structure,
with a few players in the supply side and a huge number of buyers. This gives each of the sellers
a considerable share of the market and noticeable market power (Schiraldi, Smith and Takahashi
2012). However, in the contemporary period, with the entry of several budget supermarkets, the
old players are facing stiff competitions and are engaging in price war. The assignment, taking
this issue in consideration and tries to explain the same using the game theoretic framework in
economics (Okuguchi and Szidarovszky 2012).
Supermarket Industry: Price War
The supermarket industry in the country had been long dominated by four primary supply
side players namely Morrisons, Asda, Sainsbury and Tesco, with these big players capturing
nearly 75% of the total market share in the recent past. Operating in an oligopolistic structure,
these supermarkets enjoyed huge demand, market share as well as price decisive power
(ESQUIVIAS et al. 2013). The presence of other smaller firms did not have any negative

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implications as such on the profitability of the same and the presence of these four giants in the
industry created huge entry barriers for other players in the country, thereby asserting the
presence of oligopolistic market structure even more (Sushko 2013).
However, in the recent period, these supermarkets have been facing immense competition
in the economy due to the entry of two discount supermarkets in the industry, namely the Aldi
and the Lidl. Both of these having their origin in Germany, have been in the industry only for a
few years but have already captured significant market share of the UK supermarket industry and
thus pose as tough competitors to the big four supermarkets already present in the industry of the
concerned industry (Yildirim and Aydin 2012).
Figure 1: Rise in the sales of the supermarkets since 2015
(Source: Managementtoday.co.uk, 2017)
As can be seen from the above figure, in the recent years, in spite of a continuous
increase in the clientele and demand for household and grocery commodities, the sales of the big

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four supermarkets have grown unimpressively while the growth in the sales of the discount
supermarkets like Aldi and Lidl have grown visibly. This can be mainly attributed to the overall
low prices of commodities, which these supermarkets offer (Myerson 2013). This in turn has led
to the creation of a price war situation among the players in the oligopolistic supermarket
industry of the country, with the primary competition being between the four big giants on one
hand and the discount supermarkets Aldi and Lidl on the other hand. This competitive situation
can be explained with the help of game theoretical framework (Peters 2015).
Price War among Supermarkets: Game Theoretic Perspective
Price war is one of the competitive tactics taken by the gif firms in the markets,
especially in oligopolistic framework, in order to stay ahead of their competitors and capture
greater share of market in the economy. This involves the dilemma of the firms of whether to
offer discount pricing to the customers or not (McMillan 2013). The problem can be discussed
with the help of the following hypothetical pay off matrix:
No Discount Discount
No Discount (Medium Pay-off, Medium Pay-
off)
(High Pay-off, Low Pay-off)
Discount (Low Pay-off, High Pay-off) (Low Pay-off, Low Pay-off)
Other
three
Tesco

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As can be seen from the above pay-off matrix, if any of the opponents offers discount
while the other does not, then the former gains long term profitability by capturing bigger share
of clientele while the other loses its prospects. On the other hand, if both refrains from providing
discounts then their payoffs remain moderate and usual but if both plays discounting strategies
then they ultimately lose as the overall price level lowers down and the customers do not shift
(Barron 2013).
In this context, it can be asserted that due to the presence of such dilemma in the of price
competitions among the big four markets, before the entry of the budget supermarkets like Aldi
and Lidl, these four markets usually avoided price wars among them. This was done by them in
order to keep their profit intact and not lose out by ending up in a non-optimal position, as has
been shown in the matrix (Parsons, Gymtrasiewicz and Wooldridge 2012). However, in the
recent times, due to the entry of the budget supermarkets, price war has become inevitable
among them in order to sustain in the highly competitive market in this scenario.
Answer 2:
In the contemporary corporate world, with the scenarios becoming more integrated,
inclusive and competitive, especially post Globalization, it becomes immensely crucial for the
commercial organizations, in any sector to emphasize on their business and operational activities.
For increasing their prospects in the global business environment as well as to gain an edge over
their competitors, it is crucial on part of the business enterprises to build up a robust strategic
management framework (Kiel 2014). For this purpose, one of the most efficient tools is the
Business Model Canvas which is a visual representation of the overall structure of the company

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and which shows the scopes where the company can improve their operations to maximize their
profitability and long-term sustainability.
In this context, the assignment tries to prepare the business model canvas of the
concerned organization, the Manchester College, UK, taking into account its overall business
structure, its strengths and scopes for improvement in future. Established in 2008, the
Manchester College still stands as the largest of the higher education institution in UK and is the
primary adult and 16 to 19 education provider in the country, especially in the Greater
Manchester (Gearon 2014). The business Model Canvas of the institution can be seen in the
following section:

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Running head: MANAGEMENT ENVIRONMENT
Table 1: Business Model Canvas for the Manchester College
Key Partners
Major schools in West
Manchester
Small and medium
employment providers
Private companies looking
for employees
Institutes working for
impaired and differently
able people
Non-profit welfare
organizations in the
country
Private investors and
Key Activities
Skill development
Provision of further
education
Offender learning
Learning scopes for
differently able people
Provision of National
Career Support
Non-Profit welfare
activities
Value Propositions
Provision of quality
education contributing to
increase in skill, welfare
and overall productivity
Integrity, openness and
trustworthiness
Team work
Mutual respect
Zeal for constant
improvement and
innovations
Long term sustainability
Online resource build up
Convenient and
Customer Relationships
Effective customer help
desk
Online portal for queries
and customer care
numbers
Provision of feedbacks
from the customers
Provision for lodging
complaints and grievances
and their efficient and fast
addressing
Recent social media
interactions with the
customers and
Customer Segments
Primarily caters to the
people interested in
pursuing higher education
Customers also comprise
of job seekers or those
employees who want to
augment their skills in
order to look for better
prospects
14-19 years education
provider to the relevant
customers
Services also provided to
employers across the

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stakeholders
Resources exchange with
Partners
Helps in skill building of
students at school levels
Gains future clients from
the partner schools
Provides facilities for skill
development for potential
employees in the partner
small and medium
business organizations
prospective location
Pro-active customer query
base and help-line
Effectively continuing to
pose as one of the most
reputed and top most
institutions of further
education in the North
West region especially
and also in other parts of
the country
considerable investment in
this aspect
region as well as
throughout the country
Key Resources
People
Highly educated faculty
Strong administrative
body
Communication
Welfare workers
Students and alumni
Industry analytics
Customer Channels
Direct customer care
helpline
Online portals
Websites
Online as well as offline
marketing
Online promotions
Recent establishment of
interaction channels
through social media
Provision of direct mail
Cost Structure
Primary cost incurred is that of the cost of hiring
proficient and trained faculty with the ability to
Revenue Streams
Main source of revenue is the inflow of fees from the students and clients
Donations and monetary aids coming from alumni and other benefactors

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disseminate knowledge and productive trainings to the
customers who are mainly students or employees
Administrative costs
Overhead costs of maintenance of the employees and
other productive resources
Insurances for the employees
Taxes and duties paid
Costs of non-profit projects taken up for the welfare of
the society
Cost of advertisement (online as well as offline)
Infrastructural costs
Technological investments and cost of building of
online interface
Other sources of revenues include the monetary benefits earned from the otherwise
non-profit activities which are done by the institutions for the purpose of increment
of welfare of the society

Running head: MANAGEMENT ENVIRONMENT
Thus, from the above business canvas model of the Manchester College, the overall operational
framework, the productive resources, the services as well as the clientele (both existing as well
as potential) of the educational institutions can be seen and roughly analyzed. The institution has
been and is still one of the top most providers of further education not only in the regions of
West Manchester but also in the United Kingdom itself. Much of this success of the institution
can be attributed to the strategic and business structure of the institution and the comparative
advantages it enjoys over its competitors, which can be seen from the business model canvas of
the Manchester College (Lapovsky 2013).
However, there remain several scopes of improvement and the institution still lacks
efficiency in several aspects which if addressed timely and appropriately can contribute
immensely in the long-term profitability and sustainability of the institution in the future. These
points are discussed in the following section:
a) Client handling and expansion of clientele- One of the primary aspect of any business being
the customer base which the business enjoys, it is also important for the Manchester College as
well. The college, as can be seen from its business canvas, already enjoys huge share of clientele
in the country. The customer handling mechanisms of the college are also in line with the
requirements of the same (Tmc.ac.uk, 2017). However, there remains scope of improvement in
this aspect, especially in developing online interacting forum with the clientele. The company
needs to invest effectively on the technology implementation in this aspect, which may help
them to increase their clientele as well as to expand their area of operations.
b) Online training and studying facilities- One of the major area of prospects of the
organization, which requires less investment but have immense positive implications if

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implemented properly. However, for the implementation of the same, proper technological
infrastructure as well as skilled human capital is needed, which should be taken into
consideration by organization.
c) Expansion of Delivery of Apprenticeships- The Manchester College of ranks sixth in the
Great Manchester with respect to the funded trainings which are employer responsive, with
special strengths in arenas of automotive, creative and health and social cares. This provides
scopes for the institution to expand their operations in this aspect.
d) Improvement in quality of the management structure- Though the management of the
Manchester College of the country seems to be considerably robust, efficient and inclusive,
however, for the purpose of implementation of the above discussed improvisations and
improvements in the management framework of the organization. The same can do this by
investing more on the sales, the liaison function of the employers and by developing the quality
of the curriculum offered by them to their clients. The business training provision of the
company also has scopes for improvement with the rapidly changing dynamics in the corporate
environment.
e) Increasing the number of channels for income and revenue generation- The number of
costs incurred by the organization is considerably high. However, being an educational
institution primarily, the scope of revenue generation of the organization is less. Given this
context, the organization should emphasize on creation of different commercial channels for
income generation.
Thus, it can be asserted from the above discussion that the business and strategic
framework of the Manchester College is robust and practically efficient which contributes much

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to the success of the institution in the country itself. However, there remains scope of
improvement and improvisation of the management of the enterprise and there are still other
aspects, which are required to be brought in line to the important segments of the business
framework of the institution, which have been shown in the business model canvas of the
organizations.

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Answer 3
Introduction
The overall development of a nation, with time, depends on many endogenous as well as
exogenous factors, both economic as well as non-economic. In other words, apart from the
economic progress of the country and the infrastructural, industrial as well as productive
efficiency of the same, the overall social, political and environmental stability of the region also
contributes hugely to the economic prosperity and the overall welfare of the country (Victor
2017). The environmental calamities, which can be both natural as well as manmade, have
immense implications, mostly negative on the stability and welfare of a country, the extent of the
same varying with the magnitude of the disasters.
In the recent periods, several devastating natural calamity have occurred almost across
the major portions of the globe, including two of the major economically important regions of
the world, the United States of America and the United Kingdom. The calamities have mostly
occurred in the form of hurricanes and storms, which includes some storms of huge magnitudes,
Harvey and Irma being the two most devastating ones (Gowdy 2013).
Taking this into consideration, the report tries to analyze the possible effects of the
Hurricane Irma, on the economic indicators of the British Virgin Islands, especially on the short
term as well as long term dynamics of the GDP of the region (Murphyi 2017). In this context, the
report also tries to discuss the actual contribution of the GDP statistics of the concerned region,
post the hurricane, in portraying the actual welfare conditions of the concerned geographical
region. To analyze the same, it is crucial to have knowledge about the overall economic and

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social conditions usually prevailing in the British Virgin Islands, which will be elaborated in the
following sections (Gowland 2017).
British Virgin Islands: Overview
Consisting of mainly four islands (Tortola, Virgin Gorda, Jost Van Dyke and Anegada)
and fifty smaller ones, the British Virgin Islands, situated in the Caribbean, is a British Overseas
Territory located to the east of Puerto Rico. Being a part of the Virgin Islands Archipelago, the
British Virgin Islands has developed considerably over the years and has shown significant
economic and industrial growth over time (Islands 2013).
Figure 1: Per Capita GDP of the British Virgin Islands (1980-2016)
As can be seen from the above figure, the per capita GDP of the region has been
increasing impressively over the years, barring a little downturn in the last few years. This in its
turn, in an overall framework, indicates towards a consistently improving standard of living of
the residents of the country. This is because the per capita GDP of a country, by the definition of

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the term itself, shows the income accrued to each resident of the concerned region, within a
specified period of time, usually one economic year (Antigua, Barbados and Bermuda 2012).
Tortola being the largest island of this cluster, the British Virgin Islands together have a
population of 28,000 residents (2004) of whom nearly 23,500 live on Tortola itself. The residents
of this region, enjoy British citizenship as well as British Overseas Territories citizenship (From
2002) and are also entitled to the privileges of the EU citizenship, though not being directly
subjected to the laws and regulations of the European Union. However, in spite of being a
linkage to the British arena, the British Virgin Islands gained their autonomy in 1967 and are no
longer a dependency on the United Kingdom (Lugo and Torres-Ramos 2017).
The region enjoys an annual GDP of nearly 853.4 million USD and poses as one of the
economically and industrially developed and self-sustained regions of the British Overseas
Territory. The region, though being a part of the British Overseas Territory, has adopted the US
dollar as their official currency in use (Shuckburgh, Mitchell and Stott 2017).
Hurricane Irma
Occurring in August 2017, the Hurricane Irma was one of the strongest of its type, which
have been observed across the world since the occurrence of the Wilma in the year 2005. This
category five hurricane had widespread impact on a huge arena, comprising of Cape Verde,
Leeward Islands, the Bahamas, Eastern parts of the USA and also the British Virgin Islands
among many other regions. The impacts of this immensely powerful hurricane on the British
Virgin Islands have been tremendously destructive and long term, which are elaborated in the
following section.

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Impacts of the Hurricane Irma on BVI
As can be asserted from the above discussion, the hurricane, which developed near the
Cape Verde Islands, in August 30th, 2017 and spread abruptly across a huge geographical
domain, had visible negative implications on the British Virgin Islands. The Hurricane Irma
especially affected the overall way of living of the residents of the concerned region and hurting
their economic, social and infrastructural stability as well as their overall well-being.
The effects of the Hurricane on the Caribbean region, including the British Virgin Islands
have been extensively widespread, both short and long term. The effects include economic,
social, infrastructural as well as industrial losses, keeping aside the loss of lives, which have been
shocking and painful. Among the islands of the British Virgin Islands, the worst hit has been the
biggest as well as most densely populated island of Tortola, which is also the economic center of
the region. Apart from the loss of life, the residents of the region have been experiencing
immense inconvenience and sufferings with prolonged shutdown of the transport system,
infrastructural damage, lack of food, shortage of water and shutting down of schools, offices and
industrial centers for a prolonged and unknown time. The recovery process has also been
stagnated or slowed down considerably due to the wrecking down of the communication system,
telecommunications, electricity and overall infrastructural framework, thereby increasing the
sufferings of the residents of the region manifold.
The hurricane, which directly crossed over almost forty islands of the concerned cluster,
left thousands of residents homeless and many others in unimaginable conditions, both
financially and physically. The impact of Hurricane Irma on the commercial and industrial sector
of the economy as a whole is also observed to be huge as almost all the buildings of this region,
including the residential and the commercial ones have been more or less damaged by the

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Hurricane. One of the primary reason for such widespread and difficult to amend damages of the
BVI can be attributed considerably to the long term and sustained existence of the storm and its
after effects on the concerned region. The heavy rainfall, flooding and infestations of mosquitoes
post the hurricane, have made the situations even worse in the British Virgin Islands, especially
in Tortola.
Economic Impacts of Hurricane Irma: GDP Dynamics
As can be clearly asserted from the above discussion, the Hurricane Irma, which hit the
British Overseas Territories massively, is expected to have huge short term as well as long term
impacts on the economic conditions of the region. This is because fluctuations in the
environmental stability of this magnitude directly stagnates the economic and overall activities of
the concerned regions (Bush 2017).
These sufferings and occurrences collectively are collectively expected to have negative
implications on the economic indicators of the region as well, which primarily includes the
changes in the Gross Domestic Product of the region. The hurricane, with its immensely high
magnitude, has directly affected the economy of the region in terms of stagnation of the
industrial activities, loss of property and scopes of employment, shock to the tourism and
hospitality industries and an overall slowdown of the economic activities of the concerned region
(Lyster and Verchick 2017).
The overall loss of property, infrastructure, economic activities and trade and commerce
in the region, at least for the time being, is expected to hamper the financial prospects of the
British Virgin Islands, which is expected to be reflected in the GDP statistics of the region. In a
general framework, the economic impacts of such hurricanes on the GDP and GDP growth rates

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of the affected regions are both short term as well as long term. This is because the damages
made by the hurricanes of magnitude of category five tend to be long sustained.
British Virgin Islands seems to be no exception to this as the entire economy has went to
a stagnation after the occurrence of the hurricane. The region has been already facing industrial,
commercial and infrastructural breakdown and losses amounting to hundreds of millions of
USD, which together with the slow recovery of the overall conditions of the region are expected
to take down the otherwise high GDP to a considerable extent. According to the predictions of
the different speculators and esteemed analytical institutions like that of Moody’s and others, the
GDP per capita of the British Virgin Islands as well as the growth rate of the same in the coming
few years are expected to decline to some extent. This is expected to happen primarily due to the
loss of economic prospects and slowdown of economic activities of the region following the
Hurricane Irma.
However, in the long run, the GDP of the region is expected to improve slowly owing to
the already economically developed infrastructure of the region. The British Virgin Islands being
economically robust and known for its wealthy population, the estimates indicate that the decline
in the GDP of the region would be primarily short lived and the impacts would wither away with
the recovery of the region.
GDP as welfare indicator
The above discussion tried to take into account the potential impacts of the Hurricane
Irma on the economy of the British Virgin Islands, taking into account the dynamics in the GDP
of the region only. However, the entire picture of sufferings and long term impacts of the

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hurricane on the welfare of the residents of the region cannot be fully depicted by studying the
changes in the GDP of the region only.
GDP, by definition of the term shows the value of the goods and services which are
produced within the geographical boundaries of the country, within a particular period of time,
usually one economic year. The dynamics in GDP, therefore, shows the economic growth of a
country. However, GDP does not take into account the individual welfare of the residents of the
country and the inequality aspects in the distribution of the fruits of economic welfare. Other
welfare aspects like health, education and hygiene are also not taken into account by this
economic indicator. Therefore, the GDP of a country does not take into account the overall
welfare of the residents of the concerned country (Fleurbaey and Blanchet 2013).
The above discussion holds relevance in the situation which has been prevailing in the
British Virgin Islands also. After the occurrence of the Hurricane Irma, the entire region has been
devastated and the slow recoveries have been making things even worse. The residents of the
region have been experiencing tremendous inconvenience as the whole infrastructural framework
has been destroyed. With schools and industrial units being closed down for uncertain period and
transport system being flooded and damaged, the suffering of the residents of the British Virgin
Islands have reached to its pinnacle.
One of the primary problems faced by the residents of the region after the occurrence of
the Hurricane Irma is the problem of late arrival and scanty arrival of helps and aids. The amount
allocated by the British government for the purpose of relied and aid to the Caribbean region as a
whole has been noticeably small compared to the damage of the region and the amount required
by the same to recover fully. The main reason behind the arrival of such low amounts of help and

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aids from outside the British Virgin Islands itself is the perception that the residents of the
concerned region are wealthy enough to receive any monetary help from the governing
authorities. However, this cannot also be taken consideration by the GDP statistics of the region.
Conclusion
From the above discussion, it can be asserted that the fluctuations in the economy of the
British Virgin Islands in particular and any economy in general is reflected to some extent in the
GDP of the country in that period, especially the short run GDP. However, the other loss of
welfare in terms of economically non-measurable attributes like health and education cannot be
taken into account in the GDP of the country. GDP, therefore partially reflects the economic
progress of the country and fails to prove to be a robust measure for the welfare of people of the
concerned region.

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