1. Choose a well-known company that you know of, and answer the following questions about it:
Is this mainly a product-based or service-based business? (1.0 points)
What type of good or service is this company best known for? (1.0 points)
What makes the company different from its competitors? (1-3 sentences. 3.0 points)
Why do you think this company became successful? Describe at least one reason. (1-5 sentences. 2.0 points)
2. Choose a different well-known company that you know of, and describe its direct and indirect competitors. Describe at least 2 direct competitors and 2 indirect competitors. (1-5 sentences. 4.0 points)
3. Describe at least 3 nonprice competition strategies a company could use to convince customers that its product is better than other similar products. Why would those strategies matter to customers? (1-6 sentences. 3.0 points)
4. Describe a real or made up but possible example of a product that went through a time of scarcity. What was likely to happen to the price of the product when it was scarce, and why? (1-3 sentences. 3.0 points)
5. Describe a product you know of that has elastic demand. Why is the demand for this product elastic? Explain. (1-3 sentences. 3.0 points)
