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Homework 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 organization and a product produced by that organization from
(I picked Hormel foods inc.)
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.
· Analyze any comparative advantages and international trade opportunities.
· 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
· Factors that influence productivity
· Various measures of costs, including opportunity costs
· Externalities and government public policy and their effect on marginal revenue and marginal cost
· Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product.
Use a minimum of 3 peer-reviewed sources.
Format your paper consistent with APA guidelines.