Summer internship connection paper

Name: Instructor: Course: Date: Where Business Economics and Internship Experience Meet Introduction This summer, I interned at Qualcomm Technology Licensing (QTL) as an IP Licensing Analyst. This role offered me a chance to apply what I have learned in the classroom setting but in a practical sense. I was located in Qualcomm's dynamic workplace in San Diego and operated with customer orientation, product investigation, sales forecast, and intellectual property (IP) licensing operations. My responsibilities included working with several different departments of Qualcomm, conducting an in-depth analysis of Qualcomm licensees and chipsets, and presenting new technologies such as Qualcomm AI smartphones. The internship was especially valuable because of the Business Economics major that I completed at the University of California, San Diego, which helped me understand microeconomics, macroeconomics, data analysis, and general management concepts. My tasks let me use all theories, from pricing strategies and market structures to macroeconomic forecasts, in the context of Qualcomm. This report will cover how the internship experience relates to particular economic concepts and management theories, as well as why it is crucial to apply knowledge from the classroom with actual practice in addressing the uncertainties of the business world. Microeconomics Concepts and Internship Experience In microeconomics, price elasticity of demand is the factor by which consumers can be affected by the prices of a particular product or service. Huntington et al. refer to elasticity as a state of affairs where a product's demand responds significantly when a small change is effected on the product's price. On the other hand, the high degree of responsiveness of quantity demanded to change in price is referred to as elastic, while a low degree of quantity demanded to change in response to price change is inelastic. Some of the principles of economics form part of Qualcomm's business model, especially on its IP licensing for chipsets and technologies used in smartphones. The company licenses its technology to several manufacturers, including high-end mobile handset manufacturers and lower-end electronic device manufacturers. This according to Pan et al., is an effective pricing strategy because it standards the overall licensing fees based on the value of the technology to the various customers while considering the elasticity of demand in each market segment. To the high-end smartphone manufacturers, the demand for Qualcomm's chipsets is relatively sensitive to the prices since these manufacturers require Qualcomm's superior technology to stand out. These companies are willing to pay higher fees because their consumers are not very vulnerable to price changes because of the luxury products they use. On the other hand, the demand is highly inelastic for low-end manufacturers, which means the manufacturers are susceptible to the price. As a result, Qualcomm has to make necessary changes to its pricing and provide lower fees for access to its technology, keeping in mind that targeted price-sensitive segments would significantly affect the company. This approach is well connected with microeconomic principles of the optimal price at which Qualcomm needs to offer its products to maximize its revenues, given that the price elasticity of demand is likely to vary with customers. The environment in which Qualcomm competes is best described as oligopolistic, especially regarding the AI internet smartphone industry. An oligopolistic industry is one where a small number of firms exert considerable market influence, meaning that the number of competitors may be restricted along with the barriers that are likely to exist. Qualcomm currently controls nearly 66% of the market share of AI-enabling smartphone chipsets and has very limited competition from the likes of MediaTek and Samsung. As will be seen in the case of oligopolies, competition is keen, though these firms have to work together to some extent. Furthermore, Qualcomm has a long list of patents and technological advancements, making it enjoy an adequate competitive advantage. However, its pricing and licensing strategies depend on the actions of its competitors, which is entirely applicable to the phenomena characteristic of the oligopolistic market. For instance, Qualcomm needs to evaluate how the future pricing of AI smartphone chipsets will influence its market share position against firms such as MediaTek. Still, it also has to contemplate possible technological advancements and changes in consumer preferences. In the classroom, we analyzed how firms in an oligopoly sector usually do not lower their price as a form of competition –, but instead use non-price rivalry tactics in a business organization, such as innovation or promotional activity. Qualcomm illustrates This well, where the key strategic initiative is to ensure that technology enhancements are constant and the products developed are far superior in terms of quality and productivity. This strategy enables Qualcomm to protect its market share without the use of cutthroat pricing policies that are likely to affect the general profitability of products. Macroeconomics Concepts and Internship Experience In macroeconomics, market...