Assignment: Current Market Competitive Analysis
Purpose of Assignment
Students will develop cost curves on which firm behavior is based and will utilize these cost curves to determine the behavior of their chosen organization in the market served. Using the concept of comparative advantage, students analyze trade opportunities and use the model of supply and demand to explain factors that could affect demand, supply and prices. Students will determine various factors that could affect their organization's total revenue and will recommend actions the firm could use to maximize their profit and their presence in the market served.
Assignment Steps
Scenario: You have been given the responsibility of working with YOUR current or a previous employer's CEO to do a competitive market analysis of the potential success of one of their existing products.
Research a product or service produced by your employer, if you are in the military, work for a government agency or a not-for-profit organization then you must select a for-profit employer of a family member or a friend on which an analysis can be conducted.
Write a 1,750-word analysis of the current market conditions facing your product or service, making sure 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.
• Analyze any comparative advantages and international trade opportunities.
• 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:
o Price elasticity of demand
o Factors that influence productivity
o Various measures of costs, including opportunity costs
o Externalities and government public policy and their effect on marginal revenue and marginal cost
• Recommend how the organization can maximize their profit-making potential and increase their presence within the market served by the product.
Cite a minimum of three peer-reviewed sources from the University Library.
Format your paper consistent with APA guidelines.