Understanding Pricing and Competition in Land Surveying from a Competition Perspective
Delve into the importance of pricing and competition among land surveyors from a competition analyst's viewpoint. Explore the significance of fairness, consumer choice, and competition promotion in the context of pricing strategies. Gain insights into the relationship between pricing and competition, the negative effects of price fixing, and the role of trade associations in maintaining a fair market environment.
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Pricing among Land Pricing among Land Surveyors: A Competition Surveyors: A Competition Perspective Perspective Promoting Fairness, Competition, and Consumer Choice Desroy Reid| Competition Analyst | Fair Trading Commission| Jamaica| dreid@jftc.gov.jm Venessa Hall| Legal Officer| Fair Trading Commission| Jamaica| vhall@jftc.gov.jm
KINDLY NOTE KINDLY NOTE THE FTC IS NOT IN THE BUSINESS OF SETTING OR REGULATING PRICES. 2
Understanding Pricing and Competition - Why is competition important? - Why is pricing important? - Relationship between pricing and competition Competition Law 101 The Role of the FTC Collusion - Price The Negative effects of price fixing The Role of Trade Associations Lets Talk Takeaway Outline 3
Understanding Understanding Pricing and Pricing and Competition Competition 4
Why is competition important? Why is competition important? Innovation and Progress Efficiency and Productivity Consumer Choice Competitive pricing Quality Standards 5
Why is pricing important? Why is pricing important? Pricing is a critical aspect of any business strategy and holds paramount importance for several reasons: Revenue Generation Profit Maximization Market Expansion and Penetration Market Positioning Competitive Advantage 6
The relationship between pricing & competition The relationship between pricing & competition Efficiency Innovation Quality: Pricing Reflecting Innovation Consumer Choice and Preferences: Impact on Consumer Decisions 7
Definition promote competition preventing practices ensuring a level playing field fair and anti-competitive open Competition Competition Law Law 101 101 Preserving Market Competition: Prevents market concentration Entry and Expansion; Safeguard Protecting Consumer Welfare 8
FCA Penalties - $5m Anonymous Complaint Anticompetitive practices (Avoid!!!): actions, strategies, or agreements undertaken by businesses, individuals, or organizations with the intent or effect of stifling, distorting, or limiting fair competition within a market. Collusion Price fixing The Role of the The Role of the FTC FTC 9
Collusion Collusion - - Price Price Price fixing is an illegal collusion between competitors to set prices artificially, eliminating competition and manipulating markets. 10
The The Negative Negative Effects of Effects of Price Price Fixing Fixing Competitor Consequences: Stifled Innovation Consumer Impact: Higher Prices Reduced Quality 11
Promote Facilitate knowledge sharing Promote best practices Advocate for continued education The Role of The Role of Trade Trade Associations Associations Harm Share or recommend pricing of services Encourage or recommend market allocation Encourage boycott of competitors or exclusive dealing 12
Lets Talk! Lets Talk! How can price collusion manifest itself in the land survey market? 13
Promote Competition: Advocate for fair and open competition to benefit consumers and promote industry growth. Take Away Take Away 14
Thank You Facebook: @ftcjamaica Instagram: @ftc_jamaia Twitter: @jamaicaftc Website: https: jftc.gov.jm Address: Unit 42A New Kingston Business Centre, 30 Dominica Avenue, Kingston 5 Tel: 876-960-0120-4 15
