What changes could you expect in the price you pay for input

Assignment Help Business Management

Reference no: EM133622039

Assignment

This paper is on Amazon

A. Introduction and Overview: Describe your business. Include the geographic region. Maps and a video of the business

B. Market Description

1. History of the market (this company if it is not a startup, or the history of the industry). Illustrate

2. Top Competitors: How close substitutes are they? Who are they?- top 2 or 3 is fine. Use logos and their sales figures

3. Revenue Streams: Whom do you charge and how (hourly, by the item, etc.)? You may find you have multiple sets of customers. How many sources of income does this business have? List them. Include graph of Sales for the past 3-5 years as well as photos of the products.

4. Competition Structure: Is your firm in a monopoly, oligopoly, competitive, or monopolistically competitive market? Monopolies are not legal in the USA.

C. Factors Affecting Demand

1. Consumer's income- how would a change in your potential customers' incomes affect Demand for your product?

2. Price of related goods- what are some substitutes and complements to your goods or services and how much do they cost? How would a change in their price affect Demand for your product? Use logos

3. Tastes within the market- what trends or changes should you watch for? Graphs are good.

4. Expectations within the market- What do consumers think is going to happen, and how does this change their buying habits? Note: this is not what they expect of your product, but what they expect to happen in the future which could effect their buying decision now.

5. Number of buyers- What may increase or decrease the number of potential customers?

6. Elasticity- How strongly (not which direction) will raising or lowering the price affect your business? What are key characteristics about your consumers and business environment that affect their elasticity? Good that are necessities tend to be inelastic. Luxury items are elastic.

D. Factors Affecting Supply

1. Input prices-. What changes could you expect in the prices you pay for your inputs (wages, materials, rent, etc.) and how would they affect your decisions to supply?

2. Technology- what new technology is coming out that will decrease your company's costs? Illustrate

3. Expectations- what are your company's expectations of how the market for your good or service will change? How do these expectations affect your business decisions?

4. Entry/exit- How easy and how long would it take for new competitors to enter your market once they see you are doing well? Or, what might make some of your competitors leave the market which would mean more business for you?

5. Number of Establishments in the U.S. You can also use the number of stores, offices and employees if appropriate. You should show where the headquarters is located.

6. What impact has COVID had on your business? Graphs

E. References: You need at least 5.

Reference no: EM133622039

Questions Cloud

Experiences and training at nmsu mechanical engineering : What new experiences and training at NMSU mechanical engineering do you think will best help you to become the kind of leader you know you can be?

Prepare strategic sourcing strategy for category : In this project your team will prepare a Strategic Sourcing Strategy for a category of your choice. Team to discuss with professor the options.

Explain why you agree or disagree with such a statement : BSBWHS 521- According to Milton Friedman, Business has only one social responsibility- to make profits. Explain why you agree or disagree with such a statement.

Explain the strategies to effectively manage : Explain the strategies to effectively manage each type of worker in a chosen context.

What changes could you expect in the price you pay for input : What changes could you expect in the prices you pay for your inputs (wages, materials, rent, etc.) and how would they affect your decisions to supply?

Unique expertise in computer and data science : Your 2024 presidential candidate with a unique expertise in computer and data science, I stand before you at the dawn of a transformative era.

Motivated to reduce the number of unsuccessful trips : Trip guides will be motivated to reduce the number of unsuccessful trips and instead increase those behaviors that lead to more successful trips.

How would you deal with a toxic follower : Explain how you, as a leader, would deal with a follower in your organization who was apathetic. How would you deal with a toxic follower?

What did the organization do to help team function better : What did the organization do to help the team function better? What was the impact on the business outcomes of the team collaboration?

User Account

All Pages