Assignment
Introduction: Describe your research project.
Section 1. Relative Price Comparison: Present the relative price information in a table with your product in the center, other products in the other columns, other locations in the other rows.
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LOCATION
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Sub.1Product
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Your Product
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Sub.2Product
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Sub.3Product
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Alt Store A
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Sub 1 Price
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Your Prod.Price
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Sub 2 Price
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Sub 3 Price
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Your Store
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Sub 1 Price
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Your Prod.Price
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N/A
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Sub 3 Price
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Alt Store B
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Sub 1 Price
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N/A
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Sub 2 Price
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Sub 3 Price
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Alt Store C
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N/A
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Your Prod.Price
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Sub 2 Price
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N/A
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(If substitutes are in different sizes, make your price comparison per unit i.e. per ounce.)
Section 2. Analysis: Describe the quality characteristics of your product and compare them with the quality characteristics of the substitutes. Note how these quality differences may be reflected in price differences.
Optional: You might also do some web search for price elasticity estimates for your product class.
Section 3. Conclusion. Summarize your findings with your conclusion about the relative qualitative price elasticity of demand for your original product. ( very elastic, somewhat elastic, somewhat inelastic, very inelastic.)
Based on your conclusions, recommend a pricing policy for your product at your home location. (Increase price? Decrease price? No change?)