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.
Select your focus organization and one single product produced by that organization from IndustryWeek.
Write a 2,100-word analysis of the current market conditions facing your product, making sure that you address the following topics:
• Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.
• Explain the factors that will affect demand, supply, and prices of that product.
• Examine factors that will affect total revenue, including but not limited to: price elasticity of demand; income elasticity of demand; cross-price elasticity of demand; quality of the product
• Factors that influence productivity including human capital, physical capital intensity, and technology
• Various measures of costs (keeping in mind that all costs are opportunity costs) including from the perspectives of the short run and long run
• Externalities and government public policy and their effect on marginal revenue and marginal cost
• Analyze any comparative advantages and international trade opportunities.
Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product.
Use textbook concepts to explain the focus organization’s decision-making and challenges. Students do not need to explain the concepts and theory in the essay.
Explanation of concepts and theories requires examples and evidence.
Use a minimum of 3 peer-reviewed sources from the University Library.