Select a product that you use frequently. Research the company that produces this product as well as the general characteristics of this product. You will then select two competitors that produce products similar to the product that you have chosen. Research your chosen competitors as well as the general characteristics of the competitor's products. As you research you may consider creating an outline to record answers to the questions below prior to completing the business report template.
1. Prepare a business report of approximately 5-7 pages in length that addresses the following items. Use the bolded headings as guidance for your report:
a. Product Analysis
i. Provide a brief company and product description (no more than one page).
ii. Describe the characteristics of your chosen product that differentiate the product in the marketplace.
iii. Explain the market structure of the firm that produces your chosen product.
1. Discuss how the market structure of the firm that produces this may inhibit or expand the growth of the product.
iv. Identify regulations that affect the product or distribution of the product and explain their affect on profit margin.
v. Explain the pricing strategy for the product. (Assumptions may be made based on research. Actual discussions with the company are not required.)
vi. Discuss how the product is advertised.
1. Discuss how advertising affects the success of the product.
b. Competitor
Analysis: Competitor #1
i. Provide a brief description of a product that is a direct competitor with your chosen product as well as the firm that produces the product.
ii. Discuss the characteristics that differentiate the competing products.
iii. Explain the pricing strategies for the product. (Assumptions may be made based on research. Actual discussions with the company are not required.)
iv. Discuss how the products are advertised, including how advertising affects the success of the product.
c.
Competitor Analysis: Competitor #2
i. Provide a brief description of a product that is a direct competitor with your chosen product as well as the firm that produces the product.
ii. Discuss the characteristics that differentiate the competing products.
iii. Explain the pricing strategies for the product. (Assumptions may be made based on research. Actual discussions with the company are not required.)
iv. Discuss how the products are advertised, including how advertising affects the success of the product
d. Analysis of Consumer Behavior
i. Based on your research, explain whether or not you would still purchase your product versus the two competitors you researched and provide justification for this decision.
ii. Discuss the changes that could occur to your competitor's products that would cause you to purchase their product instead.
iii. Explain how understanding consumer behaviour can make a company more profitable