Last Updated 08 May 2020

Real Value

Category Essay Examples
Essay type Research
Words 573 (2 pages)
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Many researchers underline that virtual things have no real value. Taking into account economic theory, demand determines how firms perceive, interpret, and respond to buyer needs (Shields 2003). Competitive advantage can be achieved when the demand sets the quality standard and gives MMORPG firms a better picture of buyer needs at an earlier time than is available to rivals. This advantage is enhanced when home buyers pressure the firms to innovate quickly and frequently. The profit motive translates consumer demand into production.

The relationship between cost and volume is critical to an approach to pricing known as experience-curve pricing. It is difficult to define the real value of virtual items because it is generated by the company and a player, community and virtual environment. On the other hand, it is difficult to define the real value of virtual thing because every player adds something to a game. Rather they are intended to provide ideas for new thinking and acting as a starting point to give all processes in the organization a new strategic direction.

Human capital of a MMORPG player has a vital strategic role in recent years as organizational attempt to compete through people. Today, MMORPG firms create a competitive advantage when they possess or develop resources that are valuable, rare, inimitable, and organized. There are three areas that have a particular bearing on successful corporate management in times of turbulence and acute risk: moves to shore up short-term earnings and corporate survival, an active positioning within turbulent markets, and the need to adapt the organization to the turbulence around it.

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It is possible to say that MMORPG virtual things have no real value even if players are ready to pay high price for these ‘goods’. Many virtual ‘goods’ have a demonstrable value (Karabinus 2005). Conclusion Taking into account the facts mentioned above, it is possible to say that real money trade within virtual environment (MMORPG) hides many threats and weaknesses for both companies and potential players.

There are different types of players who spend money on virtual items and create a new market which requires strict regulations and control in order to deliver high service quality and safety to potential consumers. Some think that MMORPGs are trivial and at best a marginal phenomenon. Others see MMORPGs as a very exciting development with almost unfathomable opportunities. One import¬ant reason for the wide diversity of opinion is of course that a MMORPG, both as a network and as an interactive medium, brings together a wide range of different people who might otherwise never have met, let alone conversed.

Although, recent market growth suggests that virtual market and real money trade will grow in near future so MMORPG firms should create and introduce strict regulations and laws in order to protect their business and consumers. With the changing economic environment, factors such as globalization of markets, international economic integration, removal of barriers to virtual business and trade and increased competition have enhanced the need of control.

The balance can be achieved when the demand sets the quality standard and gives MMORPG firms a better picture of buyer needs at an earlier time than is available to rivals. This advantage is enhanced when buyers pressure the MMORPG industry to innovate quickly and frequently.

Works Cited

Page 1. Haas, M. , Hettinger, L. J. Virtual and Adaptive Environments: Applications, Implications, and Human Performance Issues. Lawrence Erlbaum Associates, 2003. 2. Karabinus, A. Real Money For Virtual Goods in Online Games? 2005. Available at: http://blogcritics. org/archives/2005/12/05/170450. php

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Real Value. (2018, Sep 15). Retrieved from https://phdessay.com/real-value/

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