Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the productâ€™s potential success. The analysis will focus on your primary competitor in the productâ€™s market.
Select a potential competitive organization and a product in that organization.
Write a 1,400 â€“ 1,750-word paper analyzing the current market conditions. Address the following topics:
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- A short history of the organization and a description of their product
- Factors that affect demand, supply, and equilibrium prices in the market in which the competitor organization operates: Define the market for your chosen product, including an analysis of its competitors, potential customers, or potential buyers.
- Any issues or opportunities your organization or industry faces that affect its competitiveness and long-term profitability with regards to your product: This may include, but is not limited, to the following elements.
- Price elasticity of demand
- Technological innovation
- The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity
- Cost structure
- Factors affecting variable costs, including productivity and others that change the supply of and demand for labor
- Factors affecting fixed costs
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.
Format your paper consistent with APA guidelines.