ECO 561 Wk 3 Individual: Research Analysis for Business
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ECO 561 Wk 3 Individual: Research Analysis for Business
Purpose of Assignment
The purpose of this assignment is the creation of a research
analysis. Every day, consumers make millions of decisions that impact the
marketplace and influence firms’ decisions. Firms use economic concepts,
models, and other “tools” of economics to help determine pricing, output, and
profit maximization. As an MBA student of economics, you can apply the “tools”
of economics to microeconomic and macroeconomic data to create recommendations
for how firms can maximize revenue, profit and market share.
Assignment Steps
Resources: Tutorial help on
Excel® and Word functions can be found on the Microsoft® Office
website. There are also additional tutorials via the web offering support for
Office products.
Scenario: Imagine you are a business
consultant to a firm of your choice. You have been asked to analyze, advise,
and create recommendations on how the firm can ensure its future success in its
current market.
Work with your instructor to choose a firm
that matches the following criteria: a publicly-traded company operating in the
U.S. market. Note:
A publicly-traded company is a private-sector firm owned by its
shareholders/stock holders.
Prepare a minimum 1,050-word analysis of economic
data and business data to explain how the core economic principles impact the
sustainability of the firm and what actions the firm can take to ensure
success.
Address the following:
·
Identify the market structure your chosen firm operates in,
analyze your chosen firm’s current market share, and identify the firm’s
local/global competitors. Analyze the barriers to entry in this market to
illustrate the potential for new competition and its impact on your firm’s
future in the market. Hints:
Be sure you review the barriers to entry discussed in the course text. You
might consider presenting the data graphically.
·
Identify and explain trends in current macroeconomic indicators
for last three years including:
·
Current stage of the business cycle.
·
Real gross domestic product (GDP).
·
Inflation as measured by the consumer price index (CPI).
·
Unemployment rate.
·
Federal funds rate.
·
Current rate for borrowing funds such as the so-called “prime
rate.” Note: A
requirement of the Week 1 Influence of Economics on Household Decision Making
report was to gather data on the CPI, GDP, and interest rates, so you should
consider reviewing the feedback you received on the Week 1 report.
·
Evaluate trends in demand over last three years and explain
their impact on the industry and the firm. Include quarterly (last two
quarters) and annual sales (last three years) figures for the product your firm
sells. Create business strategies by analyzing information and data related to
the demand for and supply of your firm’s product(s) to support your
recommendation for the firm’s actions. Remember to include a graphical
representation of the data and information used in your analysis.
·
Examine available, current data and information, such as pricing
and the availability of substitutes, and explain how you could determine the
price elasticity of demand for your firm’s product. Assess how the price
elasticity of demand impacts the firm’s pricing decisions and revenue growth.
·
Apply the concepts of variable and fixed costs to your firm for
informing its output decisions. For instance, analyze how different kinds of
costs (labor, research and development, raw materials) affect the firm’s level
of output.
·
Based on the data gathered and analysis performed for this
report write a conclusion in which you:
·
Create business strategies, including price and non-price
strategies, based on your market structure to ensure the market share and
potential market expansions and explore global opportunities for your business
in a dynamic business environment and provide recommendations.
·
Develop a recommendation for how the firm can manage its future
production by synthesizing the macroeconomic and microeconomic data presented.
·
Propose how the firm’s position within the market and among its
competitors will allow it to take your recommended action.
·
Recommend strategies for the firm to sustain its success going
forward by evaluating the findings from demand trends, price elasticity,
current stage of the business cycle, and government policies.
Cite a minimum of three peer-reviewed
references and a minimum of two government economic data sources/references.
Format your assignment consistent with APA
guidelines.
Submit your assignment.
Resources
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