That is, practice product differentiation – it can increase its ability to raise prices (within limits) without losing too many sales.

For instance, Harry’s Hamburg Stand is a firm in a monopolistically competitive industry (fast foods) comprised of a large number of small outlets, each with its own characteristics such as product, service and location. Harry’s Hamburg Stand is differentiated by its location (between the beer store and the drive-in theater), its product (Harry’s hamburger are not prepackaged, but charbroiled and dressed to the customer’s taste), its service (Harry’s employees are known to be very polite and efficient), and the fact that Harry was the highly popular penalty leader for the local hockey team for several years. At a price of $1 per hamburger (the same price charged by most others in the area), Harry sells 2000 hamburgers per week, as indicated by the dot on the diagram. The demand curve is quite elastic, due to the competitiveness of the industry, but around the market price of $1, it is less elastic, due to the fact that Harry’s is differentiated from his competitors. For instance, Harry could raise his price a little (say, to $1.10) without losing many sales. While some of his customers would abandon him, the vast majority would stay him. Although not happy about paying the premium, they would feel that the combination of location, product and service made Harry’s hamburgers worth a little more. Thus, for a small price increase, the demand for Harry to raise his price a little. However, if Harry were to raise this price by much (say to $1.20), he would likely find that the demand for his burgers are not worth the extra $.20 each and switch to other hamburg stands, causing Harry’s sales (and profits) to try or not. As we have said, perfect competition is a rare situation because of the requirement that products be identical; however, monopolistic competition is a very common form of market structure that includes most of the small business sector of the economy discussed earlier. Taken together, competitive industries probably account for roughly two-fifths of the economy’s output, concentrated for the most part in some sectors of agriculture and fishing, retail trade, small-scale manufacturing and especially the large number of service industries (restaurants, fast-food outlets, travel agencies, and so on) that have expanded rapidly in recent years. Figure 9-5 summarizes the characteristics of the two types of competitive industries we have been considering, together with the incentives that each situation provides to producers. For comparative purposes, a brief summary of non competitive industries, which will be examined in Chapter 10, is also included.

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As in perfect competition, there is a strong incentive for producers in monopolistic competition to strive to increase productive efficiency: faced with very little scope for increasing prices, firms in this situation find it very important to produce at the lowest possible cost per unit. Under monopolistic competition, however, there is the additional incentive to practice product differentiation, so as to widen the difference between your product and your competitors’, and thus gain an advantage in the marketplace. This could be achieved by actually making your product or service different from those of your competitors’ and by trying to persuade consumers that whatever differences exist are of importance to them.

Accordingly, we can expect sellers in monopolistically competitive industries to use considerable ingenuity and advertising and promotion to establish the ways in which they are different from their competitors – which they do. Restaurants stress their special menus, drinks, atmosphere, type of entertainment and so on. Retailers strive to establish their own “identity” through the character of their shops, special product lines, special services (delivery, exchanges, refunds, credit and so on).

This is not to say that Harry will raise his price to $1.10, only that he could. Harry’s problem is that he doesn’t know how far he can raise his price without losing too many sales; as a result, he is likely to be cautious about increasing his price. Many firms in this situation would decide to charge the same price as their competitors ($1.00), rather than  risk a price increase that could have negative effects on their sales and profits.

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At prices above $1.20, not even his mother will eat at Harry’s. Thus, under monopolistic competition, the fact that each firm’s product is somewhat different from its competitors’ can give it an opportunity to raise its price a little.

A similar effect occurs with price reductions: while large price reductions will attract many sales, for small price reductions demand will not be so elastic. A small price cut by Harry will not likely attract many more customers from his competitors…these customers are patronizing Harry’s competitors because they prefer their products, location or other features, and will not likely be lured away by the prospect of saving five or ten cents per burger at Harry’s. A large price cut is out of the question – while it would increase Harry’s sales greatly, he would lose money on every sale and go bankrupt.

In summary, then, the demand curve for the differentiated product of a firm in monopolistic competition is basically very elastic, but for small changes around the market price, it it less elastic, and possibly even inelastic. As a result, the firm has the opportunity to increase its price, within quite narrow limits, although it may or may not decide to actually do so.

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• Client confidences
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• Closely held company information, like the actual cost of goods for a best-selling product
• Sales figures that are not public knowledge
• New products that have not yet been introduced. Many computers companies have regretted sharing this type of information with customers. If a product on the drawing board is smaller, better, and cheaper, then why would a customer buy the existing product?

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Calculated risk of letting down your hair and becoming friends with someone in business. Most of us do it. We need the intimacy of sharing concerns. We just need to be careful of whom we choose and what we divulge.

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If you get invited to the boss’s house and other in the office weren’t, don’t mention your good fortune. This is not the same as self-promotion. Similarly, if you received an invitation to attend a holiday party at a client’s home and others involved with the client didn’t, avoid the urge to brag about it. If you begin to socialize with the boss, or the boss’s boss, the word will get around, and the grapevine will be a much more powerful acknowledgment of your success.

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James, a client of mine in Miami, told me that when a competitor confided that his company was having trouble with a new product, James was able to land a big order. He was amazed at how loose-lipped his competitor had been with highly confidential information.

During his next sales call with the buyer they both called, James simply dropped a few hints about his competition’s problems. The buyer decided not to hold back $50,000 of his budget waiting for a product that might never hit the market. James got the buyer to redirect his open-to-buy to James’ company.

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Most jobs don’t help grow daily, day after day; they define you instead as some number or classification – and expect you to fit their mold.

Most jobs don’t give you an unlimited future; they give you a ceiling which is little above average, and hope you’ll be happy with the plaque or the watch when you retire – if you last that long with that company.

Most jobs don’t give you real hope – they only get you to hope that you’ll get your next paycheck, or that you’ll get a raise, or get to keep your job.

Most jobs don’t give you control over your own future; they give you nothing more than the opportunity to serve someone else – someone else who is in control of your life.

Starting Today, Give a New Meaning to the Word “Work”

It’s no wonder we don’t like the word “work!” It doesn’t

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Most jobs don’t enrich your spirit; they deplete it. Most jobs don’t add excitement to your life; they fill your life with tedium and boredom.

Most jobs don’t motivate you; they demand instead that you stay in line, and do exactly what someone else expects you to do.

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Our first impression of what it means to “work” is based on the feelings we have about our jobs. Even people who like their work would usually love to do better, if given the opportunity to do so. In fact, most people, if given a check for, say, $1,000,000 on Monday morning would probably think about quitting their jobs on Tuesday – or Monday afternoon, if they were sure the check would clear.

Most of us, in the quiet, honest parts of our mind, would rather be doing better than we are now. It’s not that we don’t want to work. It’s that few jobs will ever give us the life and the freedom that we have the potential to live out. In fact, most jobs fall short of helping us excel at all.

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Work. Or if you exercise, work out, or ride a bicycle, you’ll burn more calories in the gym or our riding than you will in the office.

What is your first thought – when you think of  “working” for a living?

Unfortunately, we’ve come to view anything connected with “working” for a living, as difficult, tedious, or tiring. Exercising, or playing, on the other hand, is called “exhilarating,” or “invigorating”. It’s a thrill to feel so tired!

That would suggest that the only difference between “work” which means going to a job, and “effort” which could mean having fun on a weekend, is all up to your attitude – how you think about, and what you feel about, the activity you’re “working” at.

The best way to define what is “not fun” work, and what is “fun” work, is this: One of them you have to do, and one of them you don’t.

And yet, not fun work is work you usually get paid to do, while fun work is usually something you pay to do. (For most people, it costs money to have fun.)

What all this means is that the fear of work stops many people from working their Amway business, and succeeding, because they mentally put building their Amway business in the not fun work category, instead of into the fun work category.

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