1. choose a well-known company that you know of, and answer the following questions about it:
a. is this mainly a product-based or service-based business? (1.0 points)
b. what type of good or service is this company best known for? (1.0 points)
c. what makes the company different from its competitors? (1-3 sentences. 3.0 points)
d. 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)