3. Group Assignment: Assessment criteriaDue: Week 11 ASSESSMENTWeighting: 25%Length: Maximum of 10 pages or 3000 Words3Group Assignment (Written report): 25%1. Organize yourselves into groups. Each group is to have TWO or THREEmembers.2. Brainstorm and select a well-defined local/foreign consumer product. Forexample, “cars” represent a product category and hence is unsuitable. But“mid-sized 1600cc family saloons” would be an appropriate choice. Obtainyour lecturer’s approval.3. Do a market analysis for the product. Each group may carry out some deskresearch and fieldwork (eg. Primary data collection and secondary datacollection through personal interview with some stakeholders) and do a writeup on the following details of a product your group have chosen.4. Specifically, you are to cover (at least) the following areas :a) Pricing power and policies depending on the market structure.b) Factors affecting price, demand and supply.c) Substitute products or services.d) Complement products or services.e) Price, Cross and Income elasticity.f) Market competitors, size and growth.g) Input prices or costs of factors of production.h) Overall position of the firm in the industry5. You may select an existing company in Australia from any of the followingsectors/industries. Food & beverages ( Restaurants/Fast food /Supermarkets/Beercompanies etc ) Tourism / Travel services (Tour & Travel agencies/Tourist attractionsetc ) Postgraduate Program HI5003 Economics for Business Education services (RTO’s/Universities/Child care centre/Kindergarten/Tuition Centre) Retail Outlets (Boutique, Footwear, Books, Home or officeappliances) etc Farming products/Organic food/Meat industry/Wool industryTOTALThe use of appropriate referencing is expected and will be assessed.Students need to submit the hard copy of the assignment with the coversheet signed by all the group members to the library before 5pm on Fri(Week11) and also upload on BB by that time.
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