All organizations fall into one of four different market structures; perfect competition, monopoly, monopolistic competition and oligopoly. The market structure in which an organization is grouped is based on characteristics such as competition, products, and ease of entry into the market. Powerlifting is a specialized sport with only a few companies selling the custom equipment required. Titan is one of the companies that sell powerlifting equipment. The following paragraphs will identify which market structure Titan belongs to and how that market structure compares to others, identify three competitive strategies for Titan, evaluate the competitive strategies in Titan's market structure, and provide recommendations on how Titan can maximize profits . Identify Market Structure Oligopoly Powerlifting is a specialized way of lifting weights. One of the companies that provides the necessary equipment for the sport is Titan. Titan falls into the oligopolistic market structure. A limited number of firms and each firm using decisions made by other firms to make its own decisions characterize an oligopoly (Colander, 2010). The International Powerlifting Federation, otherwise known as the IPF, must approve the equipment at a powerlifting meet. There are only eight IPF approved companies and five just for knee braces. There are only three companies authorized to sell suits for squat, deadlift and powerlifting and one of them is Titan (International Powerlifting Federation, 2013). Because there are a limited number of IPF-approved companies, and companies pay close attention to what each other is doing when making decisions, oligopoly best describes Titan. Monopolistic Competition, Monopoly and Perfect Competition Titan qualifies as...... middle of paper... and their equipment needs and adapts to the oligopolistic market structure. Titan would benefit from a couple of competitive strategies that would give them a greater competitive advantage in the market. Regardless of the market structure a company falls into, it will benefit from pursuing competitive strategies to increase its profit margin and be a more effective business. References Colander, D.C. (2010). Economics (8th ed.). Retrieved from the University of Phoenix eBook Collection database. International Powerlifting Federation. (2013, November 21). Approved list of clothing and equipment for use in IPF sanctioned competitions. Retrieved from http://www.powerlifting-ipf.com/17.htmlThompson, A., Peteraf, M., Gamble, J., & Strickland, A. (2011). Strategy Creation and Execution: The Search for Competitive Advantage: Concepts and Cases (18th ed.). New York, NY: McGraw-hill/irwin.