The importance of ENTRY PRICES

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Barriers to Entry

What are Barriers to Entry?

Barriers to entry are the obstacles or hindrances that make it difficult for new companies to enter a given market. These may include technology challenges, government regulations, Fiscal Policy Fiscal Policy refers to the budgetary policy of the government, which involves the government manipulating its level of spending and tax rates within the economy. The government uses these two tools to monitor and influence the economy. It is the sister strategy to monetary policy. patents, start-up Angel Investor An angel investor is a person or company that provides capital for start-up businesses in exchange for ownership equity or convertible debt. They may provide a one-time investment or an ongoing capital injection to help the business move through the difficult early stages. costs, or education and licensing requirements.

American economist Joe S. Bain gave the definition of barriers to entry as, “an advantage of established sellers in an industry over potential entrant sellers, which is reflected in the extent to which established sellers can persistently raise their prices above competitive levels without attracting new entrants to enter the industry.” Another American economist, George J. Stigler, defined a barrier to entry as, “a cost of producing that must be borne by a firm which seeks to enter an industry but is not borne by firms already in the industry.”

A primary barrier to entry is the cost that constitutes an economic barrier to entry on its own. An ancillary barrier to entry refers to the cost that does not include a barrier to entry by itself but reinforces other barriers to entry if they are present.

An antitrust barrier to entry is the cost that delays entry and thereby reduces social welfare relative to immediate and costly entry. All barriers to entry are antitrust barriers to entry, but the converse is not true.

Types of Barriers to Entry

There are two types of barriers:

#1 Natural (Structural) Barriers to Entry

  • Economies of scale Economies of Scale Economies of Scale refer to the cost advantage experienced by a firm when it increases its level of output.The advantage arises due to the inverse relationship between per-unit fixed cost and the quantity produced. The greater the quantity of output produced, the lower the per-unit fixed cost. Types, examples, guide : If a market has significant economies of scale that have already been exploited by the existing firms to a large extent, new entrants are deterred.
  • Network effect Network Effect The Network Effect is a phenomenon where present users of a product or service benefit in some way when the product or service is adopted by additional users. This effect is created by many users when value is added to their use of the product. The largest and best-known example of a network effect is the Internet. : This refers to the effect that multiple users have on the value of a product or service to other users. If a strong network already exists, it might limit the chances of new entrants to gain a sufficient number of users.
  • High research and development costs: When firms spend huge amounts on research and development, it is often a signal to the new entrants that they have large financial reserves. In order to compete, new entrants would also have to match or exceed this level of spending.
  • High set-up costs: Many of these costs are sunk costs that cannot be recovered when a firm leaves a market such as advertising and marketing costs and other fixed costs.
  • Ownership of key resources or raw material: Having control over scarce resources, which other firms could have used, creates a very strong barrier to entry.

#2 Artificial (Strategic) Barriers to Entry

  • Predatory pricing, as well as an acquisition: A firm may deliberately lower prices to force rivals out of the market. Also, firms might take over a potential rival by purchasing sufficient shares to gain a controlling interest.
  • Limit pricing: When existing firms set a low price and a high output so that potential entrants cannot make a profit at that price.
  • Advertising: This is also a sunken cost. The higher the amount spent by incumbent firms, the greater the deterrent to new entrants.
  • Brand: A strong brand value creates loyalty of customers and, hence, discourages new firms.
  • Contracts, patents, and licenses: It becomes difficult for new firms to enter the market when the existing firms own the license or patent.
  • Loyalty schemes: Special schemes and services help oligopolists retain customer loyalty and discourage new entrants who wish to gain market share.
  • Switching costs: These are the costs incurred by a customer when trying to switch suppliers. It involves the cost of purchasing or installing new equipment, loss of service during the period of change, the efforts involved in searching for a new supplier or learning a new system. These are exploited by suppliers to a large extent in order to discourage potential entrants.

Barriers to Entry in Different Market Structures

Type of market structure Level of barriers to entry
Perfect competition Zero barriers to entry
Monopolistic competition Medium barriers to entry
Oligopoly High barriers to entry
Monopoly Very high to absolute barriers to entry

Conclusion

Barriers to entry generally operate on the principle of asymmetry, where different firms have different strategies, assets, capabilities, access, etc. Barriers become dysfunctional when they are so high that incumbents can keep out virtually all competitors, giving rise to monopoly or oligopoly.

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Entry Prices

Regular Entry Prices

Monday – Saturday

  • Early Bird Entry (12pm-1pm)- $20
  • Regular Entry- $23
  • Concession Entry- $22
  • Night Entry (From 6.30) – $17

Sunday

  • $20 All Day
  • No concession
  • Nudity Compulsory

*Please note, these times and prices are subject to change.

Opening Hours

Monday: 12pm – 10.30pm

Tuesday: 12pm – 10.30pm

Wednesday: 12pm – 10.30pm

Thursday: 12pm – 6pm

(Doors open to combine venues for swingers at 6pm)

Friday: 12pm – late

Saturday: 12pm – 7.30pm

Sunday: 12pm – 10.30pm

SCANTEK

This system requires you to provide us with a valid form of Photo ID (which will be scanned) along with a face pic to gain entry. The entire scanning process should take about 3 seconds. These details are retained on file by Scantek for a period of 28 days. If no incidents are reported and there are no exclusions by management within that period of time, these details are automatically deleted. This is in line with the length of time most states require venues to keep their CCTV footage to allow ample time for victims to come forward in the case of any incident.

PRIVACY AND DATA SECURITY ARE PARAMOUNT WITH SCANTEK

All patron information is securely stored and can only be viewed by specified accounts with the highest level of access to the Scantek Manager Interface. Activities of account access are also logged for review if necessary. Your privacy is a very high priority to us.

In addition, all staff have been issued an NDA (Non-Disclosure Agreement), therefore all information obtained by the SCANTEK system cannot be shared.

Protecting your privacy is of the utmost importance to us.

SCANTEK Policy

KEEPING OUR SAUNAS SAFE

Due to the recent rise in Drug Related Events & alleged Sexual Assaults, we will be introducing an ID Entry System which will help to protect you, our loyal patrons, by allowing us to easily identify offenders. We are taking this measure, after consultation with Victoria Police, to enable us to give you the protection and peace of mind you should expect whenever you visit. Victoria Police have shown their support for this initiative. To improve sauna safety, we will be implementing the ID Entry System commencing Monday, 14th August at the following venues:

WET ON WELLINGTON, BAY CITY SAUNA, PENINSULA SAUNA, and SHED 16.

This system requires you to provide us with a valid form of Photo ID (which will be scanned) along with a face pic to gain entry. The entire scanning process should take about 3 seconds. These details are retained on file by Scantek for a period of 28 days. If no incidents are reported and there are no exclusions by management within that period of time, these details are automatically deleted. This is in line with the length of time most states require venues to keep their CCTV footage to allow ample time for victims to come forward in the case of any incident.

PRIVACY AND DATA SECURITY ARE PARAMOUNT WITH SCANTEK

All patron information is securely stored and can only be viewed by specified accounts with the highest level of access to the Scantek Manager Interface. Activities of account access are also logged for review if necessary. Your privacy is a very high priority to us.

Conditions of Entry

By entering this venue, you (also referred to as the “Patron”) agree to be bound by these conditions. If you do not agree to be bound by these conditions, please immediately exit the venue.

What personal information we collect:
Passports, both foreign and domestic, all Australian Drivers Licences (or those issued under the laws of another country), Proof of Age Cards and any other document presented for scanning at a Scantek Solutions Pty Ltd (“Scantek”) client venue. The information collected and maintained by Scantek Solutions Pty Ltd comprises all information contained in the above documents, ie; full name, gender, address, date of birth, identification number, and type of ID; an image of the scanned ID that includes the image contained on the ID; and an image of the patron that is a photograph taken at the time the ID was surrendered for scanning.

How we use your personal information
Patrons whose information is retained indefinitely:
– Scantek Solutions Pty Ltd indefinitely retains gathered personal information only from patrons who have received “bans” from licensed venues that are Scantek clients.
– When a patron has a “ban” placed on him or her for violent, immoral, anti-social or illegal behaviour, this ban can then be transmitted to all Scantek Solutions Pty Ltd clients. Scantek Solutions Pty Ltd clients can then use this information to decide whether they wish to let a “banned” patron into their venue.

Patrons whose information is retained for less than 30 days:
– Scantek Solutions Pty Ltd uses best endeavours to delete all personal information gathered from individuals who have not received a ban within 30 days from collection.

If compelled by law:
– Scantek Solutions Pty Ltd may disclose your information, including personal information:
• In response to a subpoena or similar investigative demand, a court order, or a request for cooperation from a law enforcement or other government agency; to establish or exercise our legal rights; to defend against legal claims; or as otherwise required by law. In such cases, we may raise or waive any legal objection or right available to us.
• When we believe disclosure is appropriate in connection with efforts to investigate, prevent, or take other action regarding illegal activity, suspected fraud or other wrongdoing; to protect and defend the rights, property or safety of our company, our users, our employees, or others; to maintain optimal operation of the system; to comply with applicable law or cooperate with law enforcement; or to enforce our terms and conditions or other agreements or policies.
• In the event of a reorganization, merger, or sale we may transfer any and all personal information we collect to the relevant third party.

This system requires you to provide us with a valid form of Photo ID (which will be scanned) along with a face pic to gain entry. The entire scanning process should take about 3 seconds. These details are retained on file by Scantek for a period of 28 days. If no incidents are reported and there are no exclusions by management within that period of time, these details are automatically deleted. This is in line with the length of time most states require venues to keep their CCTV footage to allow ample time for victims to come forward in the case of any incident.

Integrity and retention of personal information
– Scantek Solutions Pty Ltd takes reasonable steps to ensure as far as possible that the personal information it collects is accurate, up-to-date and complete. We will retain your personal information for the period necessary to fulfil the purposes

– Any individual who wishes to request knowledge of the personal information that is relevant to that person, or wishes to ensure the accuracy of such information, may do so in either of the following ways. All such requests are free of charge. If for some reason such access is not granted, a written reason will be provided.
∆ By phone to Scantek Solutions Pty Ltd on 1300 552 106
∆ Via the Scantek Solutions Pty Ltd Website.

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