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a. Describe the industry within which your business will be located and describe at least three recent trends in that industry. Note: This information and item b. following may be found using your NAICS number and in trade organization publications. Also, see Skill Module 2.1, p. 30. And pages 196-98 and 376 and NAICS link above in assignment 1.
b. Describe the market growth rate for your product/service, i.e, what is the market demand likely to be in the next 1-3 years.
c. Describe your market segment and your market niche within that market segment, i.e. Describe your customers and where they are located. Ref. pages 385-88.
d. Describe at least three of your competitors, why they are competitors and where they are located.
e. Where will you locate your business? If a wholly online business what will you do to attract customers?
f. How will you market or promote your product/service? I.e., online sales, social media marketing, search engine optimization, personal selling, etc. Describe in detail.
Assume the firms cost function is: C(Q)= 100+10Q+Q^2 , Determine whether this industry is a natural monopoly when the demand function is: 1) D(P)= 100-3P 2) D(P)= 90-3P 3) D(P)= 10
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