eco 365 - answer 1 question and final editing

Answer yellow bullet and final editing. (Essay provided)

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 product’s potential success. The analysis will focus on your primary competitor in the product’s market.

Select a potential competitive organization and a product in that organization.

Write a 1,400 – 1,750-word paper analyzing the current market conditions. Address the following topics:

• 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: Thismay 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.