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ECOBNOMIC4

2

Assignment Title: The Road to Widget Dominance

Scenario: You’ve inherited a small factory that produces a single type of widget. While widgets are widely used across many industries, your factory has always been just a small player. Now, you’re determined to expand widget production and gain a larger market share.

Assignment Task:

Write a short report (approximately 1,000 words) outlining your potential strategies and the information you would need to make informed decisions. Focus on the following areas:

·
Understanding Widget Economics:

· Research the broader widget industry. Is it a highly competitive market with many producers, or are there only a few large players with significant market power?

· Identify the key factors that determine the long-run cost structure of widget production (e.g., economies of scale, sourcing of raw materials, technological requirements). Cite your sources.

·
Market Intelligence:

· Who are the main consumers of widgets? Are there niche markets for specialized widgets or potential for expanding demand in new industries? Focus on understanding what drives demand for widgets.

· Research industry reports or articles discussing trends and potential growth areas within the widget market as a whole.

·
Strategic Decision Points:

· Analyze whether focusing on economies of scale (mass production of a standard widget type) would be a viable path for your factory to become cost-competitive.

· Research potential innovation in the widget market. Could you differentiate your factory by focusing on producing a specialized or improved widget? Explore the potential benefits and risks of this strategy.

· Discuss potential opportunities for vertical integration within the widget industry (controlling part of the supply chain or distribution).

Additional Prompts:

· Include a works cited section in an appropriate format (MLA, APA, etc.).

· Support your insights with relevant industry statistics, if available.

Objectives:

This assignment aims to develop the following skills:

· Conducting industry and market research.

· Understanding cost structures within a given industry.

· Evaluating strategic concepts like economies of scale, product differentiation, and vertical integration.

· Approaching decision-making with a focus on long-term planning.

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