Q Week 1 Pre-assignment Details & Rubric-10 Points Identify a city or a neighborhood within a large city (eg: “Corktown”) that you believe has potential for future business growth. Then select a product or service that you believe could be successfully introduced as a new business in this city. Research the geographic area that you have chosen. Some places to start might be city, government, and business association websites and publications, including demographic information. Identify local or regional factors that might influence demand or supply of the product or service in the location you have chosen. Submit a 1 to 2 page summary that describes the product or service, describes the city or region, and identifies factors that could influence demand and/or supply in the business you have chosen. The grading rubric for this assignment can be found on page 3. Some ideas to consider: • On the demand side – • Is there a need for this product or service in this city? What is the evidence? • Are there similar products or substitutes available? Is it possible to observe prices of similar products? Does demand appear to be relatively elastic? • Are there related products or complements that might affect demand for this product? • Does the product appear to be price elastic? Price inelastic? What does this imply about pricing? • Is this a necessity? Luxury? Do consumers appear to be sensitive to price changes? • Who would be the “demanders”? Households? Individuals? Other businesses? How many of them are there? • If customers are individuals (as opposed to business), do demographics suggest that incomes and lifestyles are consistent with a business of this type? • Does the business environment in the city suggest that business will grow from a consumer perspective? What types of businesses exist (Finance, manufacturing, service, cultural)? Are any businesses entrenched there? Are new businesses/industries considering location there? • Does the social environment support a strong consumer base? Is there entertainment? Medical care? Housing? Restaurants? Shopping? • Would customers need to be in close proximity to the business? How would you reach them if you were to start up a business or service? Is there a role for social media? • On the supply side – • How would you distribute the product if this is a production business? How good is the infrastructure in this location? • Would you need to be in close proximity to suppliers? • Are there tax breaks for business? • Are there business associations or services in this location that could support the business? • For the factors that you identify o What is the impact on quantity demanded, quantity supplied, and prices? o Are any of the factors that you identify expected to change? If so, what would be the impact on demand and supply? Grading Rubric Item Excellent Good Novice Identification of Location and Product City and industry are clearly identified with brief descriptions of each. City is clearly identified or the industry is clearly identified and described (but not both). Neither city nor industry is clearly identified and described. Economic Content At least two relevant concepts related to demand or supply are identified and clearly described. At least one concept is identified and clearly described. A second concept may be identified without clear description. Relevant demand & supply concepts are not included or concepts are identified but not described. Originality and Writing Technique Writing demonstrates original or innovative thinking. Writer communicates insight and perceptiveness in making connections. Discussion tends toward reporting without application, interpretation, or analysis. Writing is generally clear with some grammar issues. Writing does not demonstrate original or innovative thinking. Sources Sources are identified for all statements of fact. Sources are identified but are of questionable validity or are difficult to find. Sources are not provided.