The idea behind this week's assignment is to research where your product fits in the current market and how your price point will affect that market. Using the chart below, to create a broad list of determinates for supply and demand. An example of each (determinates of supply/demand) have been provided to get you started. Next, explain your strategy for pricing your product. Include how the price of your product compares to that of similar products on the market, and why you believe your product will be more successful than the competition. For instance, if the price of a new recently-launched candy bar is lower than a competitor candy bar, will demand or quantity demanded change? Explain and use research to back up your choices.

HELPFUL HINT: As you work through the remaining weeks of the project, you will want to keep a close eye on each of the determinates that affect your products' supply and demand.

In the chart below list the determinants that will affect your product. Remember determinates of demand are any factor that creates fluctuations in demand for your product and determinates of supply are any factors that causes your supply to shift. You will find an example of each to start you off:

Determinates of Supply

Determinates of Demand

1

Taxes

1

Expectation

2

2

3

3

4

4

5

5

Next, explain your strategy for pricing your product in the area below. Include how the price of your product compares to that of similar products on the market, and why you believe your product will be more successful than the competition. For instance, if the price of a new recently-launched candy bar is lower than a competitor candy bar, will demand or quantity demanded change? Explain and use research to back up your choices.

Type your strategy below; you may leave all directions intact: