ECO 365 Week 3 Current Market Conditions Competitive Analysis

Imagine you are part of a strategic planning group at a large corporation that is considering the development of a new product. The marketing director has asked you to do a competitive market analysis to determine the product’s potential success. The analysis will focus on your primary competitor in the product’s market.

Select a product and a competitor that produces the same or similar product.

Write a 1,400- to 1,750-word paper analyzing current market conditions addressing all of the following topics:

• Describe the product and give a short history of the competitor that produces it
• Define the market for your chosen product, including an analysis of its competitors, and customers.
• List the factors that affect demand, supply, and prices in the market in which the competitor operates
• Predict the price and income elasticity of demand for the product (either through a web search or by using theory to predict the coefficients)
• List the factors affecting fixed and variable costs, including the protential for economies of scale and the marginal productivity of labor.

Make recommendations on how your organization can maximize their profit-making potential and successfully compete in the new market. Consider the effect your recommendations may have on marginal revenues and costs.

Use a minimum of 3 peer reviewed sources.

Format your paper consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment and Share your paper with members of your team.