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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.
1. A monopolist faces the industry demand Q=400-0.5 p and has constant marginal costs of 8, with no fixed costs. a) What is the monopoly price? What is the monopoly quantity?
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