What do consumers think is going to happen

Assignment Help Business Management

Reference no: EM133620278

Homework

Objectives:

1. Apply marginal thinking to improve decision making
2. Use Graphs and illustrations to represent Economic data
3. Illustrate how decision making differs based on the nature of market competition
4. Everyone needs to turn in a presentation for a grade

Task

For this homework, you will write an Economic Market Analysis for a business idea. You may select a publicly traded company of your choice. You can use Yahoo! Finance to help you verify the company you selected is a publicly traded company. Search here: Yahoo! Finance

Below is a description of what is expected to be included in your presentation or paper.

A. Title Slide: with business name on it and students names.

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

C. 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.

D. 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.

E. 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. Graphs: What impact has COVID had on your business?

F. References.

Reference no: EM133620278

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