You have been given the responsibility of working with your organization’s CEO to do a competitive market analysis of the potential success of one of their existing products.Select your focus organization and one single product produced by that organization from IndustryWeek.Write a 2,100-word analysis of the current market conditions facing your product, making sure that you address the following topics:• Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.• Explain the factors that will affect demand, supply, and prices of that product.• Examine factors that will affect total revenue, including but not limited to: price elasticity of demand; income elasticity of demand; cross-price elasticity of demand; quality of the product• Factors that influence productivity including human capital, physical capital intensity, and technology• Various measures of costs (keeping in mind that all costs are opportunity costs) including from the perspectives of the short run and long run• Externalities and government public policy and their effect on marginal revenue and marginal cost• Analyze any comparative advantages and international trade opportunities.Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product.Use textbook concepts to explain the focus organization’s decision-making and challenges. Students do not need to explain the concepts and theory in the essay.Explanation of concepts and theories requires examples and evidence.Use a minimum of 3 peer-reviewed sources from the University Library.
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