Scenario: You have been given the responsibility of working with your organization’s CEO to do a competitive market analysis of the potential success of one of their existing products.
Research an organization and a product produced by that organization in which an analysis can be conducted.
Write a minimum of a 1,500-word analysis of the current market conditions facing your product, making sure that you address the following bullet points in separate sections with appropriate headings (do not combine bullet points):
- Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.
- Explain any comparative advantages and international trade opportunities.
- Explain the factors that will affect demand, supply, and prices of that product.
- Explain how price elasticity of demand affects total revenue. What is the price elasticity of demand for your product?
- Explain various measures of costs, fixed, variable, and opportunity costs. Provide exmples of these for your chosen organization.
- Give examples of externalities for your chosen industry (hint: every industry will have at least one externality). What policies are in place to remedy these externalities?
- Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product. This MUST be separate from the conclusion.
Cite a minimum of 3 peer-reviewed sources from the University Library in addition to your textbook, course materials, and your organization’s website. Failure to properly cite and reference the paper is considered plagiarism. See the CWE page of the Library on how to prevent plagiarism.
Format your paper consistent with APA guidelines, including an introduction, conclusion, citations, a title page, and a reference page. The correct in-text citation for the textbook is (Mankiw, 2015) and the reference is:
Mankiw, N.Gregory. (2015). Principles of Microeconomics, 7th Edition, Stamford, CT. Cengage Learning.