BUS113 Introduction to Economics

Go Gurt is a small independent yogurt producer based in Hatfield, that makes and sells high price flavoured spoonable dairy yoghurts.  There are a number of similar companies operating in the UK market as this industry has low start-up costs.  The owner of Go Gurt is now finding and holding on to a niche market getting increasingly difficult.

Questions

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1.Which factors should the company research to know more about, which will affect market demand for their product?  

Guidance: Respond fully by ensuring you explain these factors with examples affecting the business or a similar one

2.Three overseas companies recently entered the UK market and have started producing and selling virtually identical products to Go Gurt.

How and why would this affect the market supply curve and what is likely to happen to the market price for flavoured yoghurts?  

Guidance:  Ensure you discuss ALL features that affect market supply and explore in depth those that affect within the scenario given above.  Move on to explain how the changing supply issues will impact on market price and the effect on the business.  Use charts to explain the movement in curves if possible.

3.What opportunities does the company have to reduce the ease with which its products could be substituted by a competing product?  

Guidance:  Explore what companies do to try to overcome the elasticity of price and what a company might do to overcome this.  Discuss the costs and benefits of such an approach.

This assignment is worth 40% of your overall grade

Deadline: Is end of Week 6 – Friday 6th March 2020 at 11:50pm (23:55).

Submittal: via Turnitin on Moodle.

Notes

Full marks will be awarded only when the following criteria is met:

·A well-presented and structured essay

·Correctly referencing your essay using Harvard Referencing

Work will be marked according to the following criteria:

·Relevant answers to the questions

·Use of appropriate data, and employment of relevant theory

·Creation of a relevant graphs, charts, or diagrams within the right context and with the proper annotations.

·Discussion – structure of argument, originality and critical analysis.

·Presentation of report – writing style, length, referencing of data etc.

Higher marks can be achieved by:

·Addressing the question in more depth

·Use of real life examples to backup answers

·Demonstrating some originality

·Writing concisely, in fluent English, with no grammar or spelling errors.

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