Microeconomics - due Sept 7th (tomorrow at 5 PM EST) ORIGINAL WORK

Imagine you are part of a strategic planning group at Walmart that is considering developing a new proposed product, eco-friendly bath towels. 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.

Write a 250-word paper analyzing the current market conditions. Address the following topic:

1. 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.

o    Price elasticity of demand

o    Technological innovation

o    The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity

o    Cost structure

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.