Full Answer Section

• Preferences are convex: This means that the consumer would rather have a combination of two goods than just one of the goods.

Slide 2: Explain the utility of your company’s product or service

The utility of a product or service is the satisfaction that a consumer gets from consuming it. The utility of your company’s product or service can be explained in terms of the following factors:

• The product’s features: The features of your product or service should be something that consumers value. For example, if your product is a smartphone, the features might include a large screen, a fast processor, and a long-lasting battery.
• The product’s quality: The quality of your product or service should be high. This means that it should be well-made and durable.
• The product’s price: The price of your product or service should be competitive. This means that it should be priced in line with other products that offer similar features and quality.
• The product’s marketing: The marketing of your product or service should be effective. This means that it should reach the target market and convince consumers to buy your product.

Slide 3: Discuss how managers view the structure of the markets in which they sell their products or services

Managers view the structure of the markets in which they sell their products or services in terms of the following factors:

• The number of sellers: The number of sellers in a market determines the level of competition. In a market with many sellers, there is a lot of competition, which can drive down prices and improve quality. In a market with few sellers, there is less competition, which can lead to higher prices and lower quality.
• The level of product differentiation: The level of product differentiation determines how easy it is for new firms to enter the market. If products are highly differentiated, it is more difficult for new firms to enter the market because they need to develop new products that are different from the products that are already on the market. If products are not differentiated, it is easier for new firms to enter the market because they can simply copy the products that are already on the market.
• The barriers to entry: The barriers to entry are the factors that make it difficult for new firms to enter a market. These barriers can include high start-up costs, government regulations, and the need for specialized knowledge or technology.
• The level of collusion: Collusion is when firms in a market agree to cooperate with each other in order to raise prices or reduce competition. Collusion can be difficult to detect and enforce, but it can have a significant impact on the market.

Slide 4: Discuss the global trade issues that your company may face in expanding to untapped markets

When expanding to untapped markets, companies need to be aware of the global trade issues that they may face. These issues can include tariffs, quotas, and trade barriers. Tariffs are taxes that are imposed on imported goods. Quotas are limits on the amount of goods that can be imported. Trade barriers are regulations that make it more difficult to import goods.

Companies also need to be aware of the different cultures and customs of the countries where they are expanding. What is considered acceptable in one culture may not be acceptable in another culture. Companies need to be sensitive to these differences in order to avoid offending consumers or violating local laws.

Slide 5: Discuss the competitive environment that your company may face in expanding to untapped markets

When expanding to untapped markets, companies need to be aware of the competitive environment that they may face. This includes the number of competitors, the level of competition, and the strategies that competitors are using. Companies need to carefully assess the competitive environment in order to develop a successful business strategy.