Principles of Economics Assignment -
The assignments designed to enhance students' knowledge and skills in achieving the goals and learning outcomes of the undergraduate program of the College of Business and Management.
Note - Chosen startup is on bee keeping and honey production in Nigeria.
The specific objective of the assignment is to enhance students' knowledge and skills in evaluating and assessing the market structure for a startup business that they will develop. This exercise will provide the students with the opportunity of integration and implementation of theory to practice in developing the structural foundation of a startup business. This assignment, like the other critical assignments, is an integral part of the assessment plan for the College of Business and Management in measuring students' success in achieving the overall intended students' learning outcomes.
Each student will experience creating a start- up business to produce a specific product (a good or service). A three to five (3-5) page written research paper on the start- up business, the product and the market structure of the industry is required. The paper needs to present sections on the product information, this may be a good (tangible product) or a service (intangible product); and the initial and potential scope of the market in which the product will be supplied.
In addition, the written paper should have sections on the degree of the existing competition and the characteristics of the rival producers/organizations; the characteristics of the buyers and the potential demand for the product; and the strategy of the start- up business for pricing with regards to elasticity, production and maintaining its competitive advantage. Finally, a critical analysis of the findings and conclusion and the implications for the start-up business need to be addressed in the paper.
The specific components of the proposed start up business should include:
- Product description
- Scope of the market
- Market Structure
- Degree of competition, availability of substitute and barriers to entry
- Potential demand
- Elasticity
- Industry Trends
The written plan should specifically address the following:
1. Product and the initial and future scope of the market (local, national, international/global) that the proposed business intends to serve.
2. Market structure, degree of competition and the availability of substitutes initially and in the future, locally and globally for the proposed product.
3. Various barriers to entry to the market in which the proposed business will compete.
4. Demand and buyers of the proposed product.
5. Price, income and cross elasticity of demand for the proposed product and their influence on the various pricing and production strategies of the proposed business.
6. Use the Internet and research the current performance and the future forecast for the industry that your proposed business belongs.
Learning Outcomes - Students will be able to:
Specifically identify product and the initial and future scope of the market (local, national, international/global) that the proposed business intends to serve.
Recognize and evaluate the market structure, degree of competition and the availability of substitutes initially and in the future, locally and globally for the proposed product.
Identify the various barriers to entry to the market in which the proposed business will compete.
Evaluate and specify the potential demand and buyers of the proposed product.
Identify the degree of price, income and cross elasticity of demand for the proposed product and their influence on the various pricing and production strategies of the proposed business.
Use the Internet and research the current performance and the future forecast for the industry that your proposed business belongs.
Demonstrate proficient writing skills.