Description
You are to find and describe a change that has occurred in a market, and attempt an explanation of this market using Supply and Demand, and perhaps incorporating ideas like technological progress, the development of substitute products, etc. You should find at least one newspaper or magazine article describing your change, and reference this article in your writeup. Some examples and advice:
- The wristwatch industry. Questions: what sorts of changes have occurred in this industry in the past twenty years? How does this impact different firms like Casio, or Rolex?
- What is happening to the child’s retail Toy market? Why did Toys R’ Us fail, and will other toy retailers go in the same direction?
- Don’t forget about older industries: for example, where did people get ice before they had refrigerators? Have you ever heard of the guano industry? One of my favorite subjects are old markets in old New York City - horse manure, rag-picking, etc.
- Try doing an internet search for things like “industries that are changing rapidly,” or “markets where prices are going up.”
- If you can think of some other interesting economic phenomenon, please feel free to be creative!
The assignment should take about one page of writing to complete. I expect the end result to be free of grammatical and spelling errors.
Explanation & Answer
Attached.
Running Head: THE CHANGING TOY RETAIL MARKET
The Changing Toy Retail Market
Name
Instructor
Institutional Affiliation
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THE CHANGING TOY RETAIL MARKET
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Change is a dominant fact in the market environment today. Many businesses continue to
strive to remain competitive amid a changing market environment. Organizations that are not
able to integrate the aspect of a rapid change in the market have always faced the wrath of failure
or ultimate collapse (Bainbridge, 2014). To remain competitive and relevant in the market, an
organization must continue to adopt innovative technologies and develop creative and innovative
products that meet the changing needs and expectations of the market. The ability to master and
exploit change has become one of the most competitive and sought out management skills. This
is particularly true for many market...
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