Think about a good or a service you could produce in the future. This might be something you already make, something related to your future career, or maybe even a family business.
Examples: crochet animals, cupcakes, chiropractic services
Complete each slide for this proposed business. You should replace the instructions on each page with your own ideas, pictures and titles. Do not leave the instructions on the page.
Add flair to the presentation by changing fonts and colors, and adding pictures and graphics
For whom are you going to produce?
Who is your target consumer?
What market structure will your business operate in? i.e. monopoly, oligopoly, monopolistic competition, and pure (perfect) competition. How do you know?
How will this market structure affect your ability to set your price? What barriers to entry will your business face?
Fill this out for a taco restaurant
For whom are you going to produce?
- Target consumers include individuals who enjoy Mexican cuisine, families looking for a casual dining experience, and foodies looking for unique and delicious taco options.
What market structure will your business operate in?
- The taco restaurant will most likely operate in a monopolistic competition market structure. This is because there are multiple restaurants in the area offering similar products (Mexican food), but each restaurant has its own unique menu and atmosphere.
How will this market structure affect your ability to set your price?
- In a monopolistic competition market, businesses have some control over pricing due to the perceived differences in their products and services. Our taco restaurant can set prices based on the quality of ingredients, portion sizes, and overall dining experience.
What barriers to entry will your business face?
- Barriers to entry for a taco restaurant may include securing a prime location, building a strong brand presence in the community, and establishing relationships with suppliers for fresh ingredients. Additionally, competition from existing Mexican restaurants in the area may pose a challenge for new entrants.
[Add images of delicious tacos and vibrant restaurant ambiance]