Alteration of fixed and variable cost to support the strategy
Mixed costs refer to costs that are directly connected to the product, and it has to be paid regardless of the amount sold. As for the fixed cost, they must be paid at the end of every month. In cases where consumers fail to purchase insurance plans, the company will still have to pay the physicians and staff. Variable costs changes with the amount of sold. The strategy will incorporate the variable cost factor by increasing plan premiums when consumers purchase more plans. Variable costs relate to materials and labor, which fluctuates with time.
Oligopolies have a tendency to implement very competitive approaches. There is a trend towards designing their strategies in ways that create advantages that are present in the more competitive market structures. Due to the fact that there are very few number of companies operating in the market, the firms have to implement marketing techniques that bring higher competitiveness. Oligopolists have shown dominance in the innovation of new products (Sonnenholzner, 2006).
The super profits they generate are useful in revolutionizing the sector, hence improved performance. Application of the described models will result in economic stability of the sector. Price stability will further benefit the consumers since they can easily plan ahead. Consumers that have a well-laid out plan have increased chances of controlling their expenses, which will increase the probability of them subscribing to insurance policies. Approaches that focus on the consumers will increase the number of subscribers and subsequently benefit the entire health insurance industry.
Investopedia. (n.d.). Oligopoly Definition | Investopedia. Retrieved April 18, 2016, from http://www.investopedia.com/terms/o/oligopoly.asp
Matthews, M. (2010, June 7). America’s Coming Health Care Oligopoly. Retrieved April 18, 2016, from http://www.forbes.com/2010/07/07/healthcare-reform-insurance-hospitals-contributors-merrill-matthews-obamacare.html
McCanne, D. (2010, June 25). The private insurance oligopoly – PNHP’s Official Blog. Retrieved April 18, 2016, from http://pnhp.org/blog/2010/06/25/the-private-insurance-oligopoly/
Sonnenholzner, M. (2006, September 13). Oligopoly in Insurance Markets – Encyclopedia of Actuarial Science – Sonnenholzner – Wiley Online Library. Retrieved April 18, 2016, from http://onlinelibrary.wiley.com/doi/10.1002/9780470012505.tao003/abstract
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