Scenario
The concept of supply and demand is the heartbeat of economics. Much of what is studied in the field of economics ties directly to supply and demand. For this project, you are a Product Development Manager for a company called Launch Inc. You have been asked by your senior leadership to find a new product that the company can sucessfully market and launch, and propose it to the company’s marketing team. In order to prepare, senior leadership has asked you to carefully review the supply and demand chain of the market place in which your product selection resides, research and gather the necessary data, and bring it all together to create a product plan that carefully reviews the supply and demand chain as well as the price structure.
Directions
Throughout this course, we will discuss the areas of microeconomics. In completing this Portfolio Project, you will learn the importance of each element of microeconomics and practice all facets to meet the Course Outcome. You will:
a.) Develop an understanding of supply chain
b.) Develop an understanding of demand
c.) Understand the measurement of cost
d.) Understand product labor markets
e.) Understand how customer behavior impacts economics
By completing this Portfolio Project, you will gain a better understanding of the current market in which your product resides. You will then outline how you will conduct your market research using the six points listed in the template by responding to each of the weekly prompts, building your product plan as you move through the course. Carefully research all aspects of this project to ensure credibility and build a strong plan. Your diligent research will help you make decisions about your project. As a reminder, this Portfolio Project will be placed in your ePortfolio, thus allowing the opportunity for you to present your knowledge on microeconomics to future employers.
This week, you will provide an overview of the product you have selected to present to the marketing team. You will also explain how you will conduct the market research for each of the six topics listed.
• Identify and describe the product you plan to conduct market research on. Justify your selection by explaining what the current product market looks like.
• Explain how you plan to conduct the market research for each of the following:
1. Measure consumer demand
2. Identify Trends
3. Analyze buyer behavior
4. Analyze competitor behavior
5. Identify target markets
6. Determine sales potential.
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