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Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the product's potential success. The analysis will focus on your primary competitor in the product's market.
Select a potential competitive organization and a product in that organization.
Write a 1,400 - 1,750-word paper of no more than analyzing the current market conditions. Address the following topics:
o Price elasticity of demand
o Technological innovation
o The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity
o Cost structure
Make recommendations on how your organization can maximize their profit-making potential, and successfully compete in the new market. Consider the effect your recommendations may have on marginal revenues and costs.
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