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.
- 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:
- Price elasticity of demand
- Factors that influence productivity
- Various measures of costs, including opportunity costs
- Externalities and government public policy and their effect on marginal revenue and marginal cost
- Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product.